Aviva Investors has provided a £175m (€200m) loan to Arora Group to finance the acquisition of a 14-storey UK office building slated for conversion into hotel and residential use.
The three-year facility will be used by Arora to finance the acquisition of the 525,000sqft 102 Petty France in St James’s, Central London, currently let to the Ministry of Justice for a further three years until its planned closure in 2028.
Gregor Bamert, head of real estate debt at Aviva Investors, said: “We are very pleased to complete our first financing with Arora, a bilateral transaction that demonstrates our increasing ability to provide bespoke debt offerings. Arora is well placed to capitalise on what we believe is an excellent repositioning opportunity for this asset.
“This is a great example of our conviction for originating well-structured loans to strong sponsors which can complement our portfolio in delivering outcome for several of our investor clients.”
Surinder Arora, executive chairman of Arora, said: “We are delighted to establish this important relationship with Aviva Investors. This successful engagement underscores the Arora Group’s commitment to high-quality delivery, and we are grateful for the exceptional focus from the team that ensured the timely completion of the facility.
“Expanding The Arora Group’s strategic footprint into Central London is a significant achievement and we look forward to realising our dynamic vision for this key asset, reinforcing our position in the market.”
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