L&G Asset Management has provided a £200m (€229.6m) loan to UK property manager Delancey Real Estate for its 1.2m sqft creative and innovation campus at the former 2012 Olympic site in London.
The senior loan will refinance the Here East creative campus, which houses tenants including innovation consultancy firm Plexal, The Trampery, Sports Interactive, University of Staffordshire London, Studio Wayne McGregor and University College London.
The refinancing follows a competitive process led by CBRE.
James Spencer Jones, head of real estate debt - UK & Europe, L&G Asset Management, said: “We’re proud to support the continued evolution of Here East with the provision of this £200m debt facility.
“The site is a standout example of the dynamic, innovation-led real estate we aim to back - assets that drive economic growth, regeneration, and value for communities and investors alike.”
Richard Spooner, director of debt strategies at Delancey, said: “Following competitive interest from lenders, we are delighted to have partnered with L&G and our advisers at CBRE to refinance Here East, reaffirming its position as one of Europe’s leading creative and innovation campuses.
“Here East continues to attract world-leading brands and institutions, with over 1m sqft let and the recent opening of V&A East Storehouse, the campus continues to evolve and deliver on the legacy of the 2012 Olympics.”
John Hardie, senior director debt and structured finance, CBRE said: “Here East represents the very best of innovation in real estate, delivering 1.2m sq ft of multi-use assets in London.
“The campus has proven it can attract tenants from early-stage startups to global organisations, and it is a blueprint for embedding cultural infrastructure into regeneration and mixed-use development. We look forward to seeing Here East enter its next phase of growth.”
To read the latest IPE Real Assets magazine click here.
