UK property firm Criterion Capital has completed a £937 mln (€1.34 bn) refinancing deal with Aviva - the largest real estate finance loan of the year by a single lender and the largest real estate refinancing of any kind this year.
UK property firm Criterion Capital has completed a £937 mln (€1.34 bn) refinancing deal with Aviva - the largest real estate finance loan of the year by a single lender and the largest real estate refinancing of any kind this year.
The new loan covers a portfolio of 14 flagship West End properties including the iconic Criterion Building and the renowned Trocadero, currently undergoing a dramatic transformation into the West End's largest boutique budget hotel with 701 rooms.
Aviva has assisted Criterion with the long-term refinancing of these flagship Central London assets on 35- year and 50-year gilt based terms, underlining its commitment to the UK real estate finance market.
'This refinance meets our long-term investors' wealth preservation objectives by providing lowly-geared, 35 and 50-year money at very favourable rates, secured against a portfolio of core West End properties,' said Graham Wood, Criterion's CIO.
