FINANCE: TIAA Henderson Real Estate has secured a £120m debt financing facility against the Houndsditch Estate, EC3, from Santander and ING.
The five-year loan is being provided on a 50:50 basis by the two banks.
TH Real Estate’s stake in the Houndsditch Estate has a total value of £200m and comprises five properties totalling 328,000 sq ft.
TH Real Estate bought the site in two stages in 2006 and 2009, and sold a 50% stake to New-York based investment management company Madison International Realty. TH Real Estate will continue to manage the portfolio and debt on behalf of the joint venture with Madison.
The site is currently 95% let.
Diane Wonfor, director, real estate finance, ING Commercial Banking, said: “This facility builds on a very good existing relationship with TH Real Estate for both banks and we look forward to doing more business with TH Real Estate and Madison in the future.”
