Starwood refinances Almacantar's Centre Point

Starwood Property Trust and Starwood European Real Estate Finance have provided a refinancing loan for London's 117-metre Center Point office tower.

The £220 mln (€262 mln) financing was granted to the owner of the tower, London-based Almacantar, to refinance an existing loan ahead of the transformation of the office complex into a mixed-use scheme.

Starwood Property Trust will originate £180 mln of the loan and Starwood European Real Estate Finance will provide £40 mln. Under the agreement, further proceeds can be drawn for the comprehensive refurbishment of the 34-storey tower at 103 New Oxford Street.

Center Point is one of Central London’s tallest structures and was originally built in 1966 using prefabricated concrete. Almacantar plans to create 82 residential flats plus a pool, spa and fitness facilities. The adjoining building and the bridge that link to the tower have been approved to accommodate 13,800 m2 of retail and restaurant space and affordable apartments centred around a proposed new public square.

Situated on Oxford Street at the intersection of four neighbourhoods - Soho, Covent Garden, Bloomsbury and Fitzrovia - Center Point sits directly above Tottenham Court Road station, which is being upgraded to accommodate Crossrail, one of the most significant infrastructure projects ever undertaken in the UK.

Almacantar said that upon the arrival of Crossrail in 2018, the tower will benefit from its prime location in one of Central London’s major transportation hubs. 'The property is surrounded by several large redevelopment projects that will transform the area into a highly desirable location,' the company added.