Nan Fung locks up Old Bailey
German lender DekaBank has financed Nan Fung’s purchase of 16 Old Bailey, EC4.
The Hong Kong developer purchased the 95,000 sq ft City of London property for around £75m in early March from an Isle of Man unit trust controlled by First Names Group.
The senior loan is understood to have totalled £45m, reflecting a loan-to-value of 60%. The current occupier, US law firm Withers, has a lease until 2026 with a break in 2018. The building is let at a passing rent of £38.50 per sq ft, substantially below market rents in the area for new-build offices, which are more than £60 per sq ft.
This is the second loan DekaBank has made to Nan Fung, having previously provided the loan for its purchase of 50 Bank Street, E15, for £153.5m.
mike.cobb@estatesgazette.com
German lender DekaBank has financed Nan Fung’s purchase of 16 Old Bailey, EC4.
The Hong Kong developer purchased the 95,000 sq ft City of London property for around £75m in early March from an Isle of Man unit trust controlled by First Names Group.
The senior loan is understood to have totalled £45m, reflecting a loan-to-value of 60%. The current occupier, US law firm Withers, has a lease until 2026 with a break in 2018. The building is let at a passing rent of £38.50 per sq ft, substantially below market rents in the area for new-build offices, which are more than £60 per sq ft.
This is the second loan DekaBank has made to Nan Fung, having previously provided the loan for its purchase of 50 Bank Street, E15, for £153.5m.
mike.cobb@estatesgazette.com
German lender DekaBank has financed Nan Fung’s purchase of 16 Old Bailey, EC4.
