Development manager W.RE has secured a £58m senior debt facility from Fiera Real Estate Debt Strategies for its Arding & Hobbs building in Clapham Junction, SW11.
Richard Howe, co-head of Fiera’s European Real Estate Debt business, said: “This transaction aligns perfectly with our core-plus mandate, where we focus on lending against well-located, high-quality real estate projects with a clear pathway to stabilisation. The Arding & Hobbs building is iconic, and the recent five lettings validate the strength of the leasing strategy.”
Acquired in 2018 when it was still fully occupied by Debenhams, Arding & Hobbs has since been refurbished and repositioned as a mixed-use asset comprised of 74,000 sq ft of office accommodation, as well as 36,900 sq ft for retail and leisure uses.
The retail and leisure accommodation, located on the ground and first floors, is fully let to tenants such as gym Third Space and Italian delicatessen Prezzemolo & Vitale, with a weighted average lease term of over 22 years.
Flexible workspace provider x+why also recently joined the building, taking 27,500 sq ft on the third floor.
Andrew Haines, chief operating officer of W.RE, said: “We are delighted to complete the refinancing of Arding & Hobbs, our first loan with Fiera. Richard and the team were excellent, closing the transaction in less than six weeks from agreeing terms.
“The building has attracted some fantastic tenants, as well as receiving significant support both locally and nationally for the sustainable repurposing of such an iconic building.”
Photo © Richard Chivers
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