UK-based office developer Helical and investment firm AshbyCapital have secured a £140m (€155.7 mln) loan for a joint venture to develop a 200,000 sq ft (18,580 m2) office in London.
Allianz has provided the financing to the joint venture to develop the asset at 33 Charterhouse Street, in Farringdon, located adjacent to the new Elizabeth Line train route.
The building will comprise 10 floors of office space and three ground floor retail units. It is due to complete in mid-2022.
Tim Murphy, finance director of Helical, said: ‘We are pleased to have arranged this facility with Allianz, a new lender to Helical, particularly during the current uncertainty created by Covid-19. We look forward to working with them over the coming years as we set to work on delivering this exciting development opportunity.’
Charles-Etienne Lawrence, investment director at AshbyCapital, said: ‘Securing this facility is a testament to both the quality of our scheme and the strength of the sponsors. We are delighted to be partnering with Allianz and look forward to delivering a best-in-class building, which will contribute to the wider regeneration of the area.’
Roland Fuchs, head of European real estate finance for Allianz Real Estate, said: ‘We remain convinced that high-quality, future-thinking and best-connected office schemes in global cities such as London will continue to represent attractive financing opportunities for our investors.
‘This, in combination with one of the most exciting submarkets in London and profoundly experienced project partners, amounted to an appealing debt investment story for Allianz.’
