Pricoa Mortgage Capital, the commercial mortgage lending business of US-based Prudential Financial, has closed a £181.5 mln (€246 mln) refinancing for Brookfield Office Properties' 99 Bishopsgate, a 26-storey office tower in the City of London.

Pricoa Mortgage Capital, the commercial mortgage lending business of US-based Prudential Financial, has closed a £181.5 mln (€246 mln) refinancing for Brookfield Office Properties' 99 Bishopsgate, a 26-storey office tower in the City of London.

The 10-year, fixed rate loan is secured by the 340,000 sq ft (31,600 m2) complex, which is 100% let to a diverse mix of tenants from the legal, financial services, and professional services sectors.

'99 Bishopsgate is a recognizable feature of London’s skyline and one of the city’s most iconic buildings, popular with both local and international occupiers. Being a long term holder of our own debt, Pricoa Mortgage Capital was able to offer a structure that matched the client’s asset management requirements whilst locking in long term interest rates,' said Aaron Knight, director of European originations at Pricoa Mortgage Capital.

This is Pricoa's latest transaction following on from the £270 mln Watermark Place, the £155 mln Access Self Storage and the £130 mln GCP Student Living loans completed over the summer. The past financings reflect an increased appetite for long-term, fixed-rate senior debt, Pricoa said.