Helaba in EUR 113m financing deal for London property

Helaba, together with fellow German bank Deutsche Genossenschafts - Hypothekenbank (DG Hyp), has arranged a club financing deal totalling £96 mln (EUR 113 mln) for a mixed office and retail property in London.

The banks' client was SITQ, a Canadian investment company which manages C$220 bn (EUR 142 bn) of assets on behalf of pension funds for the State of Quebec. About EUR 7.7 bn is invested in real estate. In Europe it has assets of EUR 3 bn predominately in the office market.

The financing was for the property at 151 Buckingham Palace Road in the West End of London. The asset comprises 17,300 m² of office accommodation and 560 m² of retail space. It was completed in 1991 and extensively refurbished in 2005.