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Trio of banks fund C C Land's acquisition of Cheesegrater building

Bank of China (Hong Kong), HSBC and ING are providing a loan of £644.1 million for C C Land Holdings Ltd.'s £1.15 billion acquisition of The Leadenhall Building in London, CoStar U.K. reported.

Acting as joint mandated lead arrangers, joint book runners, joint coordinators and joint hedge coordinators, the three banks' acquisition financing reflects a loan-to-value ratio of 56%, according to the June 8 report.

C C Land earlier reportedly secured an £800 million revolving credit facility following its recent deals in London, including the acquisition of The Leadenhall Building from a 50/50 joint venture of British Land Co. Plc and Oxford Properties, as well as its purchase of 1 Kingdom Street office building for £290 million.

The transaction was later completed after it gained approval from C C Land's shareholders, who accepted the acquisition at a special general meeting May 18.