HB Reavis has agreed a £47m development finance deal with Lloyds Bank Commercial Real Estate for the full refurbishment of Cooper & Southwark at 61 Southwark Street, SE1.
The deal marks the first loan facility agreed by HB Reavis with a major UK bank since entering the London market in 2013.
The site, which marked the company’s first refurbishment scheme in the UK, was acquired 13 months ago from Aberdeen Asset Management for £44m.
The nine-storey, 77,000 sq ft office building was built in the 1970s.
Designed by architects TateHindle, the refurbished building will include additional floor space, terraces on the fifth and sixth floors, and a new self-contained unit on Great Guildford Street.
Tomas Jurdak, chief executive of HB Reavis, said: “Cooper & Southwark is a landmark project for us and the support of a leading UK institution like Lloyds Bank has been pivotal to realising our plans, helping to anchor us in the London development market. The development will become a trophy asset in our London portfolio once the major refurbishment has completed. The South Bank continues to be one of the most diverse and interesting markets across London and we expect to see strong levels of occupiers from across all sectors continuing, due to the high levels of culture and amenity available.”
The refurbishment is due for completion later this year.
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