European fund manager Aerium said on Monday it has signed a £66 mln (€72 mln) refinancing with Deutsche Bank for its Herbal House redevelopment in central London.
The facility will be used to refinance an existing loan as well as to complete the office and residential project located in Clerkenwell.
The former warehouse was originally constructed in 1928 for the Daily Mirror as their print press headquarters. It has been fully redesigned to deliver a 115,000 sq ft (10,680 m2) asset comprising over 100,000 sq ft of office space, spread across 10 floors. The asset’s redevelopment is close to completion.
Aerium and venture partner Allied London bought the asset in 2012 for £26 mln and received planning permission for the project in November 2014.
Robin Carr, co-chief Investment officer at Ærium, said: 'Herbal House is located in the heart of London’s best-established hub for digital, design and creative business, and also benefits from excellent public transport links including the forthcoming Elizabeth line, which will launch in 2018.'
