Investment firm SIGNAL and UK asset manager W RE have secured a £40.8m (€47m) loan from Fiera Real Estate’s European debt business to help acquire and refurbish a London office building.
Fiera Real Estate Debt Strategies is providing the senior debt facility to the joint venture, which acquired the 54,611sqft 10 Lime Street asset from global reinsurer SCOR earlier this year.
Richard Howe, managing director and co-head of European real estate debt at Fiera Real Estate, said: “This facility is another excellent addition to our growing loan book, which has a disciplined focus on lending against defensive real estate, leading sponsors and sectors where supply-demand dynamics are most attractive.
“We are thrilled to continue our relationship with W.RE and establish a new one with SIGNAL.”
Colman McCarthy, partner, real estate investment at SIGNAL, said: “We are pleased to have the support of Fiera on this transaction and would like to thank them for their professionalism and commitment throughout the process.
“Their facility positions us well to deliver a best-in-class refurbishment at 10 Lime Street, enhancing the building’s amenity and sustainability credentials and strengthening its appeal amid strong demand for prime office space.”
Andrew Haines, COO at W RE, said: “It was great to work with the Fiera team again on the acquisition of 10 Lime Street. Their continued support is a strong vote of confidence in our plans for 10 Lime Street and in our ability to deliver exceptional projects.
“This was our second financing with Fiera, and once again they were efficient and commercial, which was essential to meet the transaction’s tight timeframe.”
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