The Livingstone brothers have appointed a debt specialist to advise on a £362m securitised debt pile set for maturity this October.
Ian and Richard Livingstone’s London & Regional has appointed AgFe to advise on a loan secured against 838,137 sq ft portfolio of five properties, which at the height of the market were valued at more than £400m.
The properties – four of which are in London – are now estimated by ratings agency Fitch to have values at less than the debt secured against them.
The portfolio includes the Guinness headquarters at Park Royal; St George’s Court, let to the secretary of state for defence; Skipton House, which is let to the secretary of state for the environment; and Trinity Bridge House in Salford, also let to the secretary of state for the environment.
It also includes 68 King William Street in the City, which contains a House of Fraser department store, and office space let to Regus. L&R recently appointed Savills to sell this building for around £70m.
The £362m of debt is split into a £234m loan that was provided by Morgan Stanley and Bank of New York in 2006 and sold on to investors in the form of bonds. There is also a £128m junior loan secured against the portfolio.
The loan matures in October, and the bond matures in 2014, which restricts a lengthy extension to the debt maturity.
