HSBC funds Barts Square
HSBC has lent Helical Bar £165m to build out its mixed-use Barts Square scheme, EC1. The loan will also refinance £35m of existing debt, also from HSBC, due to be repaid in March 2015. The loan, which is repayable in December 2019, allows drawdowns of 100% of construction costs and has an all-inclusive interest rate of circa 3.5%.
Savills rides stamp duty wave
A bumper end to 2014, helped by changes to stamp duty that prompted a spate of high-value home sales, has lifted Savills’ results “well ahead of expectations”. The agent said trading in December had outperformed guidance thanks to major deals completing in the UK and Europe, the rush of high-value home sales and the successful early close of a new Nordic logistics fund.
Network Space in £65m refi
Shed investor Network Space has refinanced its portfolio through HSBC for £65m on a five-year term. The company, established in 2012 as Langtree Commercial Property, owns 45 industrial properties with a total value of more than £110m. Network Space was advised by Nexus Real Estate and Eversheds; HSBC was represented by Addleshaw Goddard.
Invel buys £140m Nama loans
Invel Real Estate Partners has bought a £140m portfolio of loans from Ireland’s National Asset Management Agency. The loans are secured against commercial and residential properties in south-east London and Sardinia.
