Just Group, a specialist in the UK bulk annuity and de-risking market, has provided £105m (€121.1m) as part of a £111m refinancing secured by the UK arm of UAE-based property group Arada.
Just Group said it led the £111m refinancing for Arada London, to refinance three existing lenders and support the developer’s growth plans.
The four-year amortising loan is secured against the Clarendon Works in Watford, the Senna Building in Shoreditch and the Laundry Building in Hackney.
Mohamed Tabi, director of credit and portfolio management, private assets at Just Group, said: “Just Group allocates significant institutional capital to secure assets that provide long-term economic and social value to the UK.
“This loan, refinancing three high-quality office properties with strong ESG credentials, is another example of how Just supports commercial real estate operators and developers. At Just we help people achieve a better later life – it’s our purpose and why we exist. Productive investments help us to fulfil that purpose through long-term, fixed-rate investment into the economy.”
Jonathan Seal, CEO at Arada London, said: “This refinancing marks an important milestone in Arada London’s growth and is a strong endorsement of both our assets and our operating model. Our long-standing relationship with Rothschild & Co – across London, Switzerland and the UAE – has been instrumental in bringing together the right partners, and their advice and execution, alongside Just, have been first-class throughout.
“The performance of these buildings, as busy, well-managed workplaces with robust ESG credentials, demonstrates that sustainability and commercial success go hand in hand. This transaction gives us a strong platform for the next phase of our ambitions.”
The refinancing was sourced by Rothschild & Co, one of the Just Group’s real estate investment managers.
Simon Osmond, managing director at Rothschild & Co, said: “We are delighted to have originated and worked with Just on this transaction to back the strong management team at Arada London, which has ambitious plans for future growth, following its capital injection in 2025.
“The properties securing the loan are best in class and provide a diverse mix of standard tenanted and flexible office space.”
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