The issue comprised £100m e69.8m) class B notes. The class A notes were listed on the Irish Stock Exchange. The unrated and non-listed class B notes were placed with ING Real Estate Finance UK, London Branch. ING Real Estate Finance will be the servicer of the loan.
The structure was designed to sell down a large portion of the loan to third party investors while allowing ING Real Estate to retain a position in the loan via its purchase of the class B notes.
ING claimed an "overwhelming" interest from investors, which resulted in tight pricing on the class A notes.
Hein Brand, chief executive of ING Real Estate Finance said: "The European CMBS market is almost certain to show substantial growth in the coming years."