The loan is for a five-year term on an interest only basis, at a conservative 45% loan-to-value. The Buckley Building, which was completely refurbished in 2013, is an 86,465 sq. ft office building multi-let with one retail tenant and four office tenants, including Unilever, WPP Group and Deloitte LLP.
This represents the third standalone fixed-rate loan Canada Life Investments has made to CBRE Global Investors, following two loans advanced in 2017 secured against the Angel Central shopping centre in Islington, and a number of prime retail units on Regent Street, London. CBRE Global Investors is one of world’s leading real estate investment managers with USD106.7bn in assets under management.
Nicholas Bent, Head of Real Estate Finance at Canada Life Investments, commented: “We are very pleased to have the opportunity to enhance our existing relationship with such an established real estate operator, secured against a prime office building in London with a strong tenant line-up that provides diversity of income. This transaction marks another key loan for Canada Life Investments, as we continue to grow our commercial loan book.”
Tom Berens, Senior Treasurer EMEA at CBRE Global Investors, commented: “We continue to see strong finance appetite for Core assets in London and are pleased to have closed yet another financing with one of our relationship lenders. The financing had to be closed in a short time frame during the summer period and the relationship with Canada Life Investments ensured that this was done in a smooth process.”
Andrew Angeli, Head of European Strategy & Research at CBRE Global Investors, added: “We see London offices beginning to outperform European counterparts in local currency terms from late 2019. This is a conviction call we’ve had for the past two years and is validated by healthy market fundamentals.”
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