London’s "iconic" Cheesegrater building undergoes £605m refinancing via HSBC

International property development and investment company C C Land Holdings Limited has completed a nine-figure refinancing for one of London’s tallest buildings, the iconic ‘Cheesegrater’, in a deal co-ordinated by HSBC UK and HSBC HK internationally.

The refinancing incorporates international support from HSBC UK, The Hongkong and Shanghai Banking Corporation Limited, Bank of China (Hong Kong), UBS AG, Hang Seng Bank and The Bank of East Asia.

Officially named The Leadenhall Building, after its London location, the 225-metre tall skyscraper was purchased by Hong Kong headquartered C C Land in 2017 for £1.15bn, the second biggest sale of a UK building at the time.

Dr. Peter Lam, deputy chairman and managing director at C C Land, commented: “We’re pleased to have worked with HSBC and our other banking partners to achieve the refinancing for The Leadenhall Building. The funding will continue to support the business as we develop our international property portfolio.”

Sunny Poon, head of corporate (commercial real estate & infrastructure), commercial banking, Hong Kong, HSBC, said: “We are pleased to leverage our strong international connectivity and corporate finance expertise to support C C Land in the refinancing transaction for its iconic property in London.

“We look forward to achieving more landmark deals with the client as it continues to build a quality global property portfolio.”

Andy McDonald, head of real estate finance at HSBC UK added: “The ‘Cheesegrater’ is a prominent feature of London’s skyline, and we’re delighted to have worked with C C Land and banking partners around the world to lead on the successful refinancing for this landmark investment property.

“This transaction not only highlights our desire to support high quality office assets but also the strength of our ability to utilise the global connectivity of our organisation to support clients investing in UK CRE.”