Ærium has secured a £66m refinancing with Deutsche Bank on Herbal House, an office and residential redevelopment in Clerkenwell, London EC1.
As well as refinancing the existing loan, the facility will be used to complete the development until it is fully let.
Herbal House is pitched as a “new concept of flexible workspace”. The former warehouse, which was originally constructed in 1928 for the Daily Mirror as its print press headquarters, has been re-designed to deliver a 115,000 sq ft asset comprising more than 100,000 sq ft of modern office space, spread across 10 floors.
Robin Carr, co-chief investment officer at Ærium, said: “Herbal House is located in the heart of London’s best-established hub for digital, design and creative business, and also benefits from excellent public transport links including the forthcoming Elizabeth Line, which will launch in 2018. We look forward to welcoming businesses to experience this exclusive and imaginative office space in Clerkenwell.”
Nick McNair, managing director at Deutsche Bank, added: “We are pleased to provide Aerium with the finance for this prime central London property. The transaction reflects a willingness to back the right asset and to offer attractive financing solutions to our clients.”
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