The commercial real estate finance department of insurance group Aviva has provided a £145 mln loan for the £283 mln acquisition by Kirsh Group, owned by South African property magnate Nathan Kirsh, of Tower 42 in the City of London.
The commercial real estate finance department of insurance group Aviva has provided a £145 mln loan for the £283 mln acquisition by Kirsh Group, owned by South African property magnate Nathan Kirsh, of Tower 42 in the City of London.
The deal was signed in December last year.
Opened in 1981, Tower 42 is currently the fifth highest building in London and the second highest in the City. It provides 30,100 m2 of multi-let space. In addition to the 183-metres high iconic skyscraper, the Estate includes five other commercial buildings on a 2.2 acre freehold site, including developments on Old Broad Street and Bishopsgate.
The vendor is The Tower Limited Partnership, representing a joint venture of BlackRock's UK Property Fund, Hermes Property Unit Trust and LaSalle Investment Management on behalf of the Royal Mail Pension Plan.
Kevin Sale, commercial finance director at Aviva said: 'We are very pleased to establish the relationship with Kirsh and assist in the funding of such an iconic and prime property. This is further evidence of our ability to fund high quality transactions with property investors who have a long term outlook.'
The credit facility was provided on a 20-year secured fixed rate basis.
