Morgan Stanley is to refinance Blackstone’s Devonshire Square, EC2. The deal allows the private equity firm to further invest in the 630,000 sq ft scheme as it seeks a key tenant.
Morgan Stanley will supply £320m in a three-year deal that will include extension clauses for two years. It will replace an acquisition loan provided by Goldman Sachs in 2012.
The margin is 280 bps – high for a loan on a City asset due to its lack of a key tenant.
The new loan will be at 63% of the scheme’s £508m value.
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