Westfield’s Stratford City shopping centre has priced at 86 basis points over three-month LIBOR, setting a new low for this cycle.
Deutsche Bank and Credit Agricole CIB have closed the £750m, investment-grade single-tranche agency CMBS, STRAT 2014, at the lower end of the their initial pricing guidance of 85 to 90bps.
It is also less than the initial pricing of 87-90bps over three-month LIBOR quoted at the beginning of August, before the issue was delayed for two months. The CMBS has a loan-to-value ratio of 38.4% based on a May CBRE valuation of the property at £1.95bn.
bridget.o’connell@estatesgazette.com
