Deutsche Hypo – Nord/LB has underwritten a £46m, three-year, interest-only debt facility to refinance the existing debt on Cannon Green, a grade-A office building in the City of London.
The 110,000 sq ft building at 27 Bush Lane, EC4, is owned by Kiwoom Securities and Hana Securities and is let to tenants including Quantile Technologies, Headland Consultancy and Infinity Works.
John Hardie, senior director, debt and structured finance at CBRE, which arranged the new debt for the borrower, said: “Despite ongoing pessimism about the state of the office market, this deal is testament to the fact that liquidity and appetite to lend exists for good quality assets with strong income profiles. Lenders are being more conservative and lending terms have tightened but we have seen a positive shift in sentiment since the start of the year and competitive financing is there to be deployed.”
Quadrant has been appointed as the asset manager for the property.
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