Tiaa-Henderson Real Estate (TH Real Estate) has completed £200 mln (€274 mln) of loan transactions through its newly established commercial real estate debt platform.
Tiaa-Henderson Real Estate (TH Real Estate) has completed £200 mln (€274 mln) of loan transactions through its newly established commercial real estate debt platform.
The first transaction, which has been fully retained and not syndicated, was an £85 mln senior, seven-year, fixed rate, interest only loan at 63% LTV, secured on a portfolio of three prime office and retail properties located in central London.
The second transaction was a five-year, 74% LTV, partially fixed/floating rate facility to refinance a modern student accommodation and retail property in West London. TH Real Estate will retain the fixed-rate mezzanine loan and intends to syndicate the 55% LTV floating rate, senior portion.
In January, TH Real Estate also provided a £100 mln, 20-year, fixed-rate facility secured on a regionally dominant retail and business park in the northern part of the UK.
The origination process from term sheet to funding took just 4 weeks. TH Real Estate offers senior, junior and whole loans secured on a wide range of property assets in London and in the UK regions, with terms from 4 to 20 years and with leverage up to 75% loan-to-value.
Christian Janssen, head of real estate debt at TH Real Estate said: 'We are very pleased to have established the UK debt platform and closed this series of investments, leveraging TH Real Estate’s comprehensive real estate research, equity and debt capabilities.'
'The diversity of our capital base allows us to target prime assets in core locations and also finance secondary properties in locations that are relatively undersupplied by lenders in the current market,' added Christoph Wagner, director of debt strategies at TH Real Estate.