TH Real Estate secures new £48 million debt financing on 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.
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