Real estate private equity firm Gaw Capital Partners has raised £28.5 mln (€32 mln) in mezzanine financing to partially refinance its landmark office building in Docklands, London.
The lending consortium led by Samsung Securities and KB Asset Management from Korea provided the five-year mezzanine facility at a LTV of just under 71%. Gaw Capital confirmed that the debt deal was inked in the midst of the pandemic.
Said Christina Gaw, managing principal & head of capital markets for Gaw Capital: 'We are delighted to have been able to successfully raise this mezzanine facility with the support of Samsung Securities and KB Asset Management against the uncertain backdrop of Covid-19 and significant global financial turmoil.
'This demonstrates that the market remains open for quality assets with the right fundamentals and strong cash flow. We are also excited to collaborate further with our Korean partners on future opportunities in the UK and beyond.'
Acquired by Gaw Capital on behalf of Asian investors in September 2014, Harbour Exchange 1, 2, 4 and 5 represents 600,000 ft2 (55,740 m2) of Grade A office space over four buildings. The properties range from 3 to 16 floors, include 500 car parking spaces and a nine acre freehold.
The scheme is let to a diverse range of occupiers from government, financial services, insurance, TMT and other sectors, with key tenants including the Financial Ombudsman Service, CLS, Booking.com and QBE Insurance.
Gaw Capital said that the deal highlighted the growing relationship between Gaw Capital and Samsung Securities. The pair collaborated on the acquisition of the Aoyama Building, an Grade A office building in Tokyo, Japan in 2019.
