pbb Deutsche Pfandbriefbank (pbb) and Deutsche Asset Management (Deutsche AM) provided a combined refinancing totalling £69 mln to Aerium for the refinancing of the mixed-use property 49/51 Conduit St & 24 Savile Row in Mayfair, London.
pbb Deutsche Pfandbriefbank made available a senior facility of £44 mln whilst Deutsche AM, on behalf of a German pension fund, BVK, provided a mezzanine facility of £25 mln. The transaction closed in May 2017.
The building, which was redeveloped by Aerium in 2015, sits on the corner of Conduit Street and Savile Row in London’s West End. Designed by renowned architectural firm EPR, the striking building exhibits a unique glazed façade created by ceramic artist Kate Malone. The 7,990 sq ft retail unit is let to the Italian luxury-clothing designer Dsquared2 and serves as its flagship UK store. The upper floors offer some 22,013 sq ft of Grade A office accommodation which is fully let to a variety of tenants.
Robin Carr, Head of UK & Co-Chief Investment Officer Aerium, commented: “We are very pleased to have successfully refinanced this prime West End property with such an established lender as pbb. The facility provides us with attractive and flexible funding options for the asset in addition to the opportunity to strengthen our long-term working relationships with pbb and Deutsche AM.”
Charles Balch, Head of International Clients, UK & CEE at pbb Deutsche Pfandbriefbank said: “pbb is delighted to have worked alongside both Aerium and Deutsche AM to finance this prime Mayfair property. The transaction reflects a willingness to back the right property and to offer attractive senior financing solutions to our clients alongside lending partners such as Deutsche Asset Management.”
Andrea Vanni, Head of European Real Estate Debt Investments at Deutsche Asset Management said: “Deutsche Asset Management, on behalf of BVK, is very pleased to be able to work with both Aerium and pbb to construct a refinancing package which met the needs of the borrower on this prime Mayfair asset.”