Evans Randall secures loan for Milton Gate deal

CB Richard Ellis has announced that its EMEA Debt Advisory team has successfully procured £79.375 mln (EUR 91.927 mln) in debt financing to facilitate UK investor Evans Randall in its £127 mln acquisition of Milton Gate, London EC3.

The debt provision in the transaction involved multiple lenders, including Sandander, and equated to 62.5% of the purchase price, CBRE said in a press release. 'The deal was secured in challenging circumstances as the property had several features which, in these times of illiquidity amongst financial institutions, made it more difficult to secure interest and competitive terms.'

Commenting on the transaction, Paul Ross-Gower, Head of CBRE’s UK Debt Advisory, said: 'The unfavourable market conditions with continued limited access to capital, coupled with the competitive bidding environment that surrounded Milton Gate, made it an especially challenging transaction. We were therefore particularly pleased to have secured such a high proportion of debt financing despite the more demanding circumstances.'

CBRE’s debt advisory business has been growing rapidly as CBRE’s traditional market leading global commercial real estate capabilities are complemented by the rapidly expanding financial expertise that the firm now commands.