Deutsche Hypo – Nord/LB has underwritten a £46 mln (€54 mln) three-year, interest-only debt facility to refinance the existing debt on Cannon Green, a Grade A office building strategically located in the City of London.
The operation was led by advisor CBRE which was appointed earlier this year by Kiwoom Asset Management on behalf of Kiwoom Securities and Hana Securities to refinance the existing debt on the 100,000 ft office complex.
Cannon Green is fully let to a range of tenants, including a flex-office provider with on-site amenity offered by a gym and The Listing restaurant & bar. The property benefits from strong ESG credentials, including BREAM Very Good and EPC B.
Quadrant has been appointed as the asset manager for the property.
John Hardie, senior director, debt & structured finance at CBRE, commented: 'Despite ongoing pessimism about the state of the office market, this deal is testament to the fact that liquidity and appetite to lend exists for good quality assets with strong income profiles. Lenders are being more conservative and lending terms have tightened but we have seen a positive shift in sentiment since the start of the year and competitive financing is there to be deployed.'
