TH Real Estate and Allianz have supported Partners Group’s office development project in London with £100m (€116m) financing.

The debt finance is being provided towards the development of 80 Fenchurch Street, a 14-storey landmark building for the City of London, owned by funds managed and funds advised by Partners Group.

The financing has been structured as a £135m development loan with a £20m increase upon completion.

The real estate investment arm of the German insurer and TH Real will provide £50m (32%) each.

The financing is the first loan in Allianz Real Estate’s Enhanced Debt Programme, which involves the firm expanding its debt lending activity to provide stretched senior and junior financings with loan-to-value of up to 75%.

Christian Janssen, the head of European debt at TH Real, said: “TH Real Estate, through its own extensive in-house commercial real estate investment, development and financing expertise, have structured an innovative facility that provides the operational flexibility and financial certainty required by Partners Group.”

Roland Fuchs, the head of European debt at Allianz Real Estate. “The development exemplifies this approach, seeing us work alongside world-class partners to finance the construction of a truly first-rate asset in the heart of the City of London. 

”This also marks our third investment in London within the last 18 months as the city becomes an increasingly important part of our global portfolio.”