A trio of Japanese banks bought into the debt backing London landmark The Gherkin, in a deal secured by ING.
The office block had gone into receivership after a series of defaults, which arose largely because co-owner IVG had taken on its share of the debt in Swiss francs, which rose in value, inflating the debt.
The deal on the £365m loan showed Japan had become a major force in the UK property debt market. It also reflected the popularity of syndication in 2015, with Dealogic reporting EMEA deal volumes that year rose 58% year on year to €74.7bn (£56.4bn).
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