Mike Hussey’s Almacantar has secured a £47.5m loan from Deutsche Pfandbriefbank to finance its purchase of 125 Shaftesbury Avenue, WC2.
Almacantar bought the 190,000 sq ft office-led block from Blackrock for under £120m in July, reflecting a yield in the region of 5%.
The 1.2-acre site occupies a key location on the edge of Soho, 100m south of Tottenham Court Road.
Charles Balch, head of Real Estate Finance International, UK & CEE at pbb Deutsche Pfandbriefbank said: “The transaction is our second deal together and shows our commitment to this existing client in the expansion of their portfolio.
“Equally, it is further evidence of the bank’s ability to finance strong management teams on active management assets and strategies.”
Jonathan Paul, finance director of Almacantar said: “We are delighted to have further cemented the relationship with Deutsche Pfandbriefbank through the acquisition of 125 Shaftesbury Avenue which represents an excellent addition to our portfolio in a part of the West End that is transforming rapidly.”
Jack.Sidders@estatesgazette.com
