AshbyCapital has secured an £80m loan facility from AgFe for its Colmore Plaza office building in Birmingham.
The financing, at a loan-to-value ratio of 60%, follows AshbyCapital’s purchase of the 310,000 sq ft building in August.
It was bought from Carlyle Group for around £300m and was two-thirds let at the time of acquisition.
Tenants include Vodafone, Hogan Lovells, Amey and AHR.
Architect Morey Smith has been appointed to help update the building, which will be rebranded in a bid to attract more occupiers.
James Wright, partner at AgFe, said Colmore Plaza was “one of Birmingham’s best office buildings” and the deal highlighted AgFe’s confidence in the Birmingham office market.
