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Nuveen Real Estate and DekaBank provide £285m financing for King’s Cross Central Limited Partnership
3 and 4 Pancras Square were completed in 2016 and 2017 respectively, providing nearly 400,000 sq ft of BREEAM-rated ‘Excellent’ office and retail accommodation. They are currently let long-term to Universal Music and Havas, both subsidiaries of Vivendi. The properties are located at the southern gateway of King’s Cross Central, a 67-acre site, which is being developed by Argent on behalf of KCCLP to provide in excess of 3.9 million sq ft of commercial space, 2,000 residential units and a campus for the University of Arts London.
The transaction represents Nuveen Real Estate’s first financing to KCCLP and extends DekaBank’s existing relationship following the provision of a £152 million loan facility secured on 1 and 2 Pancras Square in October 2017.
Jason Rodrigues at Nuveen Real Estate commented: “We are delighted to have been able to work with Argent, KCCLP and DekaBank to provide a long-term financing solution to KCCLP. We continue to expand our lending platform, and this transaction complements our existing core portfolio.”
Chris Bennett at DekaBank commented “The financing of 3 and 4 Pancras Square provided the opportunity to build on our existing lending relationship to Argent and KCCLP and to establish a new relationship with Nuveen Real Estate. The loan underlines our continued commitment to core central London office financing opportunities.”
About Nuveen Real Estate:
Nuveen Real Estate is one of the largest investment managers in the world with $130 billion of assets under management. Managing a suite of funds and mandates, across both public and private investments, and spanning both debt and equity across diverse geographies and investment styles, we provide access to every aspect of real estate investing. With over 80 years of real estate investing experience and more than 550 employees* located across over 25 cities throughout the United States, Europe and Asia Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
For further information, please visit Nuveen Real Estate.
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 298 billion (as at 30/06/2019) and around 4.7 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.
The Deka Group’s global real estate expertise is pooled within its Real Estate Division. The two investment companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH, and the service company, Deka Immobilien GmbH, manage and service around EUR 36 billion in real estate assets (as at 31/12/2018).