European real estate fund manager Ærium has completed a £57 mln (€68 mln) refinancing of its Mayfair portfolio with Deutsche Asset Management, on behalf its senior debt fund.
The Mayfair portfolio comprises three prime office and retail properties representing 4,000 m2 of Grade A office space, and 725 m2 of retail. The properties, two of which are located on Grosvenor Street and one on Savile Row, are let to multiple tenants.
'Ærium's ability to partner with Deutsche Asset Management is testament to the quality of our Mayfair assets and our ability to convert a value-add portfolio into one of core quality,' commented Robin Carr, director at Ærium.
'This refinancing further supports Ærium’s value-add strategy and highlights its expertise in converting vacant buildings into core office properties in prime locations throughout Europe,' Carr added.
'We are pleased to have worked alongside Ærium on this transaction – the quality of the assets, the location and the expertise of the team at Ærium aided us significantly in putting together a structured package that met the leverage requirements of the borrower whilst also recognising the risk profile of the portfolio. The financing is an excellent representation of the institutional quality financing our senior fund is set up to do,' concluded Andrea Vanni, head of European real estate debt investments, Deutsche Asset Management.
