Allianz Real Estate and Brookfield have partnered up for the first time to provide refinancing for Blackstone’s 23-acre marina estate St Katherine’s Docks, E1W.
Allianz is the senior lender in the five-year floating-rate deal on behalf of a number of Allianz Group insurers and its debt provision is split into a senior term loan and a capex line to redevelop Devon House, a 90,000 sq ft building on the estate.
Brookfield via the Brookfield Real Estate Finance Fund V has provided mezzanine financing.
It is Allianz’s second UK transaction in 2018, having loaned £50m as part of the £100m development financing for 80 Fenchurch Street, EC3M, in April. Both deals are part of Allianz’s European value-add growth strategy.
Built in 1827, St. Katharine Docks is central London’s only marina, which provides 200 berths, along with more than 500,000 sq ft of commercial space and 24 bars and restaurants.
Blackstone acquired it in 2014 from Max Property Group.
Roland Fuchs, head of European debt at Allianz Real Estate, said: “This deal, our second value-add transaction in the UK this year, also illustrates our increasing focus on London, which we believe will continue to be one of the world’s most influential and dynamic cities offering a compelling selection of prime assets for investors.”
HFF Real Estate Limited advised Blackstone.
To send feedback, e-mail Louise.Dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette
