German lender pbb Deutsche Pfandbriefbank has provided a medium-term acquisition facility totalling £75 mln (€95 mln) to Tishman Speyer for the £130 mln acquisition of the Economist's London headquarters.
German lender pbb Deutsche Pfandbriefbank has provided a medium-term acquisition facility totalling £75 mln (€95 mln) to Tishman Speyer for the £130 mln acquisition of the Economist's London headquarters.
Economist Plaza in St James’ was designed by architects Peter and Alison Smithson and comprises three mixed-use buildings totalling 7,525 m2 arranged around a central plaza. The three components are the Tower building; the Bank building; and the Residential building.
'The UK continues to be a core market for us and we are delighted to be able to support a pan-European highly valued customer,' said Charles Balch, head of real estate finance international clients, UK & CEE at pbb Deutsche Pfandbriefbank.
Dan Nicholson, head of UK at Tishman Speyer added: 'We have a very positive view of the London commercial real estate market and we look forward to repositioning this property as a best-in-class West End office destination.'
