DBS Bank and ING Provide SGD 1.72 Billion Loan for J.P. Morgan Asset Management's One Spitalfields Refurbishment in London

DBS Bank and ING Bank have provided a SGD 1.72 billion development loan to finance the comprehensive refurbishment of One Spitalfields, the office development at 1–10 Bishops Square in the City of London, DBS announced on Sept. 30. The facility, converted from GBP 1.016 billion, finances a project delivered on behalf of institutional investors advised by J.P. Morgan Asset Management.

The loan has been equally underwritten by the two banks. DBS acted as Global Coordinator, while DBS and ING served as Mandated Lead Arrangers, Bookrunners and Green Loan Coordinators.

One Spitalfields Refurbishment Plan

The development will retain the building's structural frame while upgrading the property to provide office accommodation for long-term occupation. Once complete, the 11-storey building will offer more than 700,000 square feet of office space. The wider project spans approximately 870,000 square feet of office and retail space, including roughly 70,000 square feet of new terraces.

The project is targeting an EPC A rating and BREEAM Outstanding certification. Completion is scheduled for 2029, after existing occupier A&O Shearman vacates in May 2027.

Jane Street Pre-Let Anchors the Project

The transaction is underpinned by a pre-let to Jane Street, the quantitative trading firm and liquidity provider, which has agreed terms to occupy 465,000 square feet. The commitment represents roughly two-thirds of the planned office area and is the City's largest off-plan office letting in more than a decade.

Lender and Sponsor Comments

Diane Wonfor, Executive Director, Head of London Real Estate at DBS Bank, said: "One Spitalfields represents a major investment in the future of the City of London. This financing reflects DBS' longstanding relationship with J.P. Morgan Asset Management and supports one of the city's most significant refurbishment projects. By retaining and upgrading an existing asset, the development combines strong sustainability credentials with the creation of a modern workplace designed for the needs of today's occupiers."

Jennie Norman, Director, ING Real Estate, said: "The transition of existing buildings will play a vital role in improving the sustainability of the UK's commercial property market. One Spitalfields shows how large-scale financing can support the modernisation of a major City asset, with clear and ambitious environmental targets built into the project."

Michael Ramm, Head of JPMAM European Real Estate, said: "This financing represents one of the largest development loans originated in the London office market. The strong lender appetite and availability of financing for this process is a clear demonstration of the team's proven track record in executing large-scale development projects, as well as continued flight-to-quality, as lenders prioritise prime assets in prime locations anchored by institutional tenants."

London Office Market Context

The financing comes as London's office market shows uneven conditions. Central London vacancy stood at 8.4% at the end of the second quarter of 2026 in one measure, while Savills reported vacancy of 7.2%, down 20 basis points from the prior quarter. The differences likely reflect varying geographic boundaries and methodologies.

Savills put Central London supply at 18.7 million square feet in the second quarter of 2026, down 0.5 million square feet from the previous quarter. City prime rent reached £116.73 per square foot, up 19% year over year. Savills assessed City prime yields at 5.25%, while Cushman & Wakefield's second-quarter data put City core prime yields at 5.50%.

DBS said the financing reflects continued lender demand for major refurbishment projects that can improve the environmental performance of existing commercial buildings, particularly where developers retain significant elements of the original structure.

About the Lenders

DBS, headquartered and listed in Singapore, has a presence in 19 markets across Greater China, Southeast Asia and South Asia. ING Bank served alongside DBS as joint underwriter on the facility.

Sources

DBS Bank newsroom: DBS and ING provide SGD 1.72 billion development loan for One Spitalfields refurbishment