LaSalle Investment Management has made a whole loan of close to £103m to Brockton Capital for its Great Minster North, SW1, acquisition.
The loan represents a 75% loan to value on the £137m acquisition price paid by Brockton.
Brockton bought the building, at 33 Horseferry Road, from Alchemi Group, a residential developer, which originally bought the site for development in 2013. The 180,613 sq ft building is fully let to the Department of Transport, which has a lease until December 2018.
The building has planning permission for a redevelopment into 160 flats plus a gym and swimming pool.
LaSalle is understood to be well advanced in its syndication of the loan, with an insurer likely to take the senior tranche.
