HB Reavis has secured £127m financing for its first London development at 33 Central, EC4, from Deutsche Pfandbriefbank and Deutsche Hypothekenbank.
Both are new lenders to HB Reavis and the deal represents the largest loan facility in the developer’s history.
The facility has been already utilised and enabled to refinance equity spent on the project.
The 227,000 sq ft office building, due to complete this summer, was bought by Wells Fargo for £300m in July 2016 for its own occupation.
Marian Herman, group chief financial officer at HB Reavis, said: “This financing endorses the quality of 33 Central and demonstrates the trust financial institutions place in HB Reavis as a highly credible partner. The loan facility helped us optimise our capital structure, following significant divestments in 2016 that reduced our leverage levels.”
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