Brockton Capital has secured a £42.7m loan from Barings Real Estate, secured against the Pinnacle in Leeds at a loan to value of 65%.
The three-year loan, Barings’ first floating rate facility, was provided on behalf of an institutional investor.
The Pinnacle building is a 145,000 sq ft, 19-storey mixed-use property comprising 15 retail and leisure units, a multi-storey car park and 75,000 sq ft of offices on the upper floors.
Brockton Capital bought the building, with a weighted average unexpired lease term of 11.9 years, in April for about £70m from US private equity firm Lone Star.
Chris Bates, head of real estate core mortgage Europe at Barings, said: “As our first floating rate senior loan transaction, the financing of the Pinnacle is an important milestone in the diversification and growth of our lending business in Europe, which now encompasses fixed and floating rate facilities, structured and senior debt, as well as development finance.
“The Pinnacle is one of Leeds’s most iconic buildings with an excellent location, for which Brockton Capital has a clear active asset management strategy.”
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