Partners Group provides £40m financing for London asset

Swiss listed property investment manager Partners Group said on Thursday that it has provided a senior B debt facility for the refinancing of 5 Canada Square in London's Canary Wharf on behalf of its clients.

The company has committed to providing a £40 mln (EUR 48 mln) senior B debt facility together with a co-investor for the refinancing of the London property. The asset is located in the heart of London's Canary Wharf, adjacent to the London Underground, Dockland Light Railway and future Crossrail stations. It is fully let on a 15+ year lease to Bank of America, which uses it as its UK headquarters.

The property is believed to be owned by Evans Randall, which bought it in July 2007 from the Royal Bank of Scotland for £452 mln.

'While expected to generate attractive interest returns, the senior B facility enjoys significant downside protection due to the equity and junior debt in the capital structure,' the company said. Partners Group continues to identify a significant number of attractive private real estate investment opportunities, it added.

Headquartered in Zug, Partners Group is a global private markets investment management firm with over EUR 20 bn in investment programmes under management in private equity, private debt, private real estate and private infrastructure. The firm manages a broad range of funds for an international clientele of institutional investors.