US life insurer MetLife and UK-based Laxfield Capital have arranged £54.5 mln (€75 mln) in senior debt financing for a subsidiary of London-listed property firm, CLS Holdings.
US life insurer MetLife and UK-based Laxfield Capital have arranged £54.5 mln (€75 mln) in senior debt financing for a subsidiary of London-listed property firm, CLS Holdings.
MetLife provided the real estate financing loan, which was arranged by Laxfield Capital, a specialist commercial mortgage investment manager in the UK.
The loan is secured against Spring Mews, a recently completed mixed-use estate, close to Vauxhall Station and located within Nine Elms in London's South Bank Business Improvement District. It comprises a 93-bed suite hotel, office units, and 378 en-suite student bedrooms with associated common facilities, including a pool, gym and courtyard amenity space.
Adam Slater, managing director for Laxfield, said: 'This high quality property was an ideal transaction to cement further our relationship with MetLife, having arranged ten transactions since 2010 worth over £870 mln.'
'This deal is a first in the UK for MetLife and CLS,' said Gary Waistnidge, director of real estate for MetLife in the UK. 'MetLife is committed to establishing and growing strong relationships with top-tier real estate owners of core assets.'
