Allianz Real Estate has provided £120m (€141m) loan to The Office Group (TOG) for the acquisition and refurbishment of Chancery House building in London.

As previously reported, Blackstone-backed UK flexible workspace provider TOG acquired Chancery House, paying over £100m for the 150,000sqft asset. 

Allianz said the Chancery House debt financing was done through its Luxembourg-based debt fund, which now has €2bn in managed assets. 

The Chancery House deal is the fifth debt transaction in London for Allianz Real Estate and the first since it opened its London office in mid-2019.

Shripal Shah, head of debt origination - London, Allianz Real Estate, said: “The UK offers excellent opportunities for institutional debt investors on a select and disciplined basis. London is a leading global gateway city, with demand for prime assets that can be successfully repositioned to meet changing tenant demands.

“Chancery House is a unique, landmark asset that complements our London portfolio and supports our aspirations for strong growth in the market in 2020 and over the long term.”