German lender DekaBank has acted as sole arranger and underwriter on a £152 mln (€170 mln) five-year term loan secured on 1 & 2 Pancras Square at London's King’s Cross.
The loan is being made available to a subsidiary of the King’s Cross Central Limited Partnership (KCCLP), a joint venture between AustralianSuper and the British Telecom Pension Scheme. KCCLP’s investment in 1 & 2 Pancras Square is managed by Argent.
1 & 2 Pancras Square are two high quality office buildings rated BREEAM ‘Outstanding’ and offering 200,000 sq ft (18,600 m2) of commercial space. The properties are located at the southern gateway of King’s Cross Central, a 67 acre site which is being developed by Argent on behalf of KCCLP to provide over 3.9 million sq ft of commercial space, 2,000 residential units and the University of Arts, London.
This facility follows DekaBank’s €625 mln jointly arranged and underwritten refinancing last week of Dundrum Town Centre, Dublin and a £488 mln jointly arranged and underwritten refinancing of Intu Merry Hill, Birmingham.
