HB Reavis has secured £127 million financing for 33 Central.
The largest loan facility in HB Reavis’ history has been provided by two German banks, pbb Deutsche Pfandbriefbank and Deutsche Hypothekenbank, new lenders in HB Reavis’ portfolio of credit relationships. The facility has been already utilised and enabled to refinance equity spent by HB Reavis into the project.
With this financing HB Reavis adds two new lenders in its portfolio: pbb Deutsche Pfandbriefbank, a leading European specialist bank for real estate financing and public investment finance and Deutsche Hypothekenbank, one of the most renowned German banks for commercial real-estate financing.
Upon completion in Summer 2017, 33 Central will provide 21 000 sq m of Grade A office space over 9 floors and a quarter acre roof top garden offering panoramic views of London’s most famous landmarks including the Shard, St. Paul’s, the “Walkie Talkie” office building and the River Thames. The building, targeting a BREEAM Excellent rating for its sustainable design, has been recognized through numerous awards, such as the ‘Best Office Architecture London’ at the UK Property Awards 2015.
Marian Herman, Group CFO at HB Reavis said: “We are very pleased to open credit relationships with two new lenders, pbb Deutsche Pfandbriefbank and Deutsche Hypothekenbank on the London market, where we are actively increasing the scale of our operations. This financing endorses the quality of 33 Central and demonstrates the trust financial institutions place in HB Reavis as a highly credible partner. The loan facility helped us optimise our capital structure, following significant divestments in 2016 that reduced our leverage levels.”