London-headquartered Mayfair Capital, an investment subsidiary of Swiss Life Asset Managers, has secured a £56 mln (€62 mln) four-year loan secured against London’s Bonhill Building from lender DekaBank.
Mayfair Capital’s largest ever acquisition of the Bonhill Building was completed in 2019. Mayfair acquired the office asset in central London for £112.5 mln (€125 mln) from Legal & General.
The asset has 10,500 m2 of office space on eight levels. The 1960s building was refurbished in 2017 and is fully-let to six tenants, with a weighted average unexpired lease term of around 7.5 years.
DekaBank has acted as sole arranger and underwriter on the loan.
Giles King, fund manager at Mayfair Capital, says: ‘To have closed a loan of this size on an office building in central London in the middle of the coronavirus lockdown is no small feat – and is a testament to the tireless work from both parties. We are extremely pleased with the result, as this is a high-calibre asset which offers plenty of opportunities to add value through asset management initiatives.’
‘We remain confident in the outlook for the central London office market. Despite concerns around the reconfiguration of workspaces, London is a global city which will continue to attract people and businesses due to its location, time zone, language, workforce, infrastructure and culture.
'The Bonhill Building meets a number of our thematic investing criteria – tech connectivity, transport infrastructure, clustering of tech businesses and wellness – which reinforces its appeal to businesses.’
