German lender Westimmo has announced it provided an £82.6 mln (EUR 91 mln) loan to support Meyer Bergman's purchase of a 50% interest in the prestigious Bentall Centre in Kingston, London from Aviva Investors.
German lender Westimmo has announced it provided an £82.6 mln (EUR 91 mln) loan to support Meyer Bergman's purchase of a 50% interest in the prestigious Bentall Centre in Kingston, London from Aviva Investors.
The Bentall Centre is the prime retail destination in Kingston. It is anchored by the Bentall department store and home to other leading brands such as Apple, H & M and Zara. The Centre opened in 1992 and comprises 90 retail units providing in excess of 61,310 m2 over four trading levels.
The funding was arranged, structured and underwritten by WestImmo. The funding structure is particularly innovative: having been structured to ensure that the loan is eligible for pfandbrief, the German covered bond market, notwithstanding that it finances a 50%, rather than 100%, interest in the property.
The funding has also been structured to enable WestImmo to split the loan into senior and junior tranches and so consider a range of syndication options should it decide to sell down some of the loan.
Meyer Bergman was advised by Jones Day. Westimmo was advised by Allen & Overy.
Peter Denton, Westimmo’s UK managing director said, 'We are pleased to have been given the opportunity to support Meyer Bergman on a transaction that was fun as well as intellectually challenging.'
Zsolt Kohalmi, principal at Meyer Bergman, commented, 'Westimmo delivered comfortably on a complex and important transaction for Meyer Bergman. This acquisition presents a rare opportunity to acquire a stake in one of the most prime assets in London.'