BNP Paribas Corporate and Investment Banking has closed a £130 mln (€162 mln), five-year development loan for Tishman Speyer’s scheme at Eland House in Victoria.
BNP Paribas Corporate and Investment Banking has closed a £130 mln (€162 mln), five-year development loan for Tishman Speyer’s scheme at Eland House in Victoria.
Tishman Speyer acquired the property in 2012, and in April of this year achieved planning for a major refurbishment that will see the building increase from 257,797 sq ft to 317,083 sq ft (23,876 m2 to 29,450 m2).
Work has commenced and the property will be ready for occupation in spring 2016. BNP Paribas acted as sole arranger on the financing.
This is the third facility that BNP Paribas has provided for Tishman Speyer in 2014, equating to a total of over £300 mln.
In July, BNP Paribas Corporate and Investment Banking closed another development facility for an office building near Paris. Shortly after, BNP Paribas provided a £115.5 mln, seven-year financing for Tishman Speyer’s purchase of a 21,925 m2 prime office building in Paddington.
Romain Simon, head of UK real estate finance at BNP Paribas commented: 'BNP Paribas is focused on building long term client relationships, understanding their strategies and being able to support these clients both on their core investments and on their value-add projects.'