CBRE Investment Management, King Street Real Estate and Arax Properties have sealed a refinancing of their office scheme at 280 Bishopsgate, EC2, in the City of London.
Delancey and LBBW provided a combined £235m to repay an existing loan on 280 Bishopsgate reaching maturity.
“Refinancing risk continues to be significant in the current market,” said Christina Forrest, EMEA head of value-add funds at CBRE IM. “We received an exceptionally high number of offers for the refinancing from a variety of leading banks and debt funds, which is testament to 280 Bishopsgate’s quality and strong covenants.”
Martin Farinola, head of real estate debt strategies at Delancey, added: “An uncertain lending environment has created an opportunity for property-focused investment managers like us to access high-quality real estate at a different point in the capital stack. We see there being continued demand for grade A-plus offices in super-prime locations, such as 280 Bishopsgate, as blue-chip occupiers require best-in-class space that reflects their corporate values and appeals to top-tier talent.”
The 275,000 sq ft building is home to law firm Baker McKenzie, Abrdn and Cognizant.
CBRE Debt & Structured Finance arranged the facility.
Image © Arax Properties
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