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TH Real Estate secures financing on 55 Colmore Row | News

55 Colmore Row

TH Real Estate has secured c.£48 million of debt financing from DekaBank Deutsche Girozentrale.

The debt was secured against 55 Colmore Row, Birmingham, on behalf of the European Cities Fund. The £48 million financing for the asset was agreed at 55% loan-to-value on a seven-year term.

Totalling 14,378 sq m (157,562 sq ft) across seven floors, this landmark office building also includes leisure accommodation on the lower ground floor, 64 car parking spaces and 57 cycle spaces.

55 Colmore Row occupies a prime position on Colmore Row, widely regarded as the city’s most prestigious office address. There was significant interest from a number of lenders to finance this at terms better than pre-Brexit.

Farrah Brown, Head of Treasury at TH Real Estate, comments: "We are delighted to have closed the refinancing of 55 Colmore Row with Dekabank, the first loan with this lender in the U.K. The loan is well structured at attractive pricing, and Deka showed a great sense of commerciality in the negotiation process."

James White, Senior Director at DekaBank London Branch, adds: "The bank is pleased to establish a lending relationship with TH Real Estate in the U.K. 55 Colmore Row provides some of the best office accommodation currently available in Birmingham and we are looking forward to working with the TH Real Estate team in maximising the building’s considerable potential."

The European Cities mandate is part of TH Real Estate's resilient series, which applies strategies designed to focus on diversification, income and long-term capital growth. These strategies focus on investing in high-quality assets in leading cities that are well-positioned in terms of long-term structural trends, including demographic change, urbanisation and technology.

Note: TH Real Estate renamed to Nuveen Real Estate in January 2019.

Issued by Nuveen Real Estate Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Nuveen Real Estate Management Limited provides investment products and services. TH Real Estate is a real estate investment management holding company owned by Teachers Insurance and Annuity Association of America (TIAA). TH Real Estate securities products distributed in North America are advised by UK regulated subsidiaries or Nuveen Alternatives Advisors LLC a registered investment advisor and wholly owned subsidiary of TIAA, and distributed by Nuveen Securities, LLC, member FINRA. This material is not intended to solicit investments or as an offering of products and services. This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Financial professionals should independently evaluate the risks associated with products or services and exercise independent judgment with respect to their clients. Real estate investments are subject to various risks, including fluctuations in property values, higher expenses or lower income than expected, currency movement risks and potential environmental problems and liability.
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