Almacantar completes £420m debt refinancing
Property investment and development company Almacantar has completed a £420m debt refinancing with LGIM Real Assets for its Southbank Place site in London.
One and Two Southbank Place are office blocks that form part of the 1.5m sq ft mixed-use development being delivered by Canary Wharf Group and Qatari Diar.
One Southbank Place reached practical completion in August 2018 and has been handed over to long-term leaseholder Shell International on a 20-year lease, as its UK headquarters.
Property investment and development company Almacantar has completed a £420m debt refinancing with LGIM Real Assets for its Southbank Place site in London.
One and Two Southbank Place are office blocks that form part of the 1.5m sq ft mixed-use development being delivered by Canary Wharf Group and Qatari Diar.
One Southbank Place reached practical completion in August 2018 and has been handed over to long-term leaseholder Shell International on a 20-year lease, as its UK headquarters.
In January 2019, Two Southbank Place was handed over to WeWork, which has taken a 20-year lease, for fitting out to become the world’s largest co-working space.
Jonathan Paul, Almacantar’s finance director, said: “The transaction reinforces our long-held belief in London’s resilience and our confidence in the capital’s prime property market, at a time of short-term political uncertainty.
“The completion of the refinancing places us in a strong position to explore further commercial and residential opportunities in London.”
Almacantar bought the site for One and Two Southbank Place for £550m in 2015 from Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar.
CBRE advised Almacantar on the debt origination.
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