Private equity investor and developer Evans Randall Investors has completed a £22 mln (€25 mln) refinancing of a prime office redevelopment on Holborn Circus, with Schroders Capital.
The refinancing of Thavies Inn House follows the granting of planning permission by the City of London in July 2022 for a new ten storey office building with 8,361 m2 of workspace.
The project is now in the design phase and Evans Randall Investors aims to raise the bar for office space in London’s Midtown.
Ned Williams, managing director at Evans Randall Investors, said: ‘We are delighted to have completed this financing with Schroders Capital which puts us now in a strong position to move ahead with our strategy to deliver another best-in-class office scheme in this part of London. Our recent leasing success underlines the broad appeal of Midtown as one of London’s most popular office locations and Thavies Inn House’s prime position within it.’
Kristina Foster, fund manager at Schroders Capital, added: ‘We’re delighted to have been involved in the refinancing of Thavies Inn House which is an exciting redevelopment which will provide high quality, energy efficient office space in London’s Midtown. It has been pleasure working with Evans Randall on this refinancing, which is the fourth transaction in our UK Senior Loan fund.’
The redevelopment is located in a popular location for occupiers, between New Fetter Lane and St Andrew Street, and within close proximity to Farringdon Station.
New tenants include independent café Iris & June and the professional advisory firm Hansuke Consulting, while specialist healthcare recruitment agency Globe Locums, and cloud-based commercial property manager Re-Leased have extended their leases.
Evans Randall Investors was advised by JLL and Allen & Overy on the loan, which has seen Schroders replace Aareal as lender.
