Deutsche Pfandbriefbank has completed its debut loan to Brockton Capital, providing the private equity investor with a £53m facility.
The German lender, which has a 2015 reprivatisation deadline, has advanced the loan to subsidiaries of Brockton Capital Fund II for a Thames Valley and west London office portfolio. It refinances the vacant 147,000 sq ft Thames Tower in Reading, Berkshire, (pictured) which it bought in January, alongside Landid, and is earmarked for a £100m revamp.
It also refinances Minerva House, also in Reading, The Urban Building in Slough, Charter Place in Uxbridge and
1 Queen Caroline Street, W6.
Separately, Brockton is looking for £240m of finance to redevelop its Mirabelle Mayfair site on Curzon Street, W1.
bridget.oconnell@estatesgazette.com
