Barings has refinanced its Manchester Landmark (pictured) with a £57.5m loan from LaSalle.
The three-year senior loan will replace existing borrowings on the 180,000 sq ft St Peter’s Square office, allowing Barings to push ahead with its leasing strategy. The building – one of the most sustainable in the city – was delivered in 2020 and is leased to a number of large corporate occupiers, including JLL, Grant Thornton, HSBC and Allianz.
Richard Craddock, managing director of LaSalle’s debt investments platform, said: “We remain strong supporters of the office sector, particularly for assets with best-in-class ESG credentials located in core markets such as Landmark.”
The loan was provided through LaSalle’s €1bn (£839m) senior loan program which provides “balance sheet” senior secured real estate loans, without need of syndication or loan-on-loan financing.
Daniel Köhler, head of real estate treasury for Europe at Barings, said the refinancing would help it to “realise our ambition for Landmark to set a new benchmark for best-in-class and sustainable office space in Manchester”.
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