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.”
28/06/2017 19:35 by Buildington
McLaren Construction has successfully completed 21 Savile Row (49 Conduit Street), a high-end retail development in the heart of Mayfair for Pavilion Trustees Limited.
The project has recently been shortlisted for the 2015 London Design Awards under the Architecture – Commercial – Constructed category, an award celebrating the design process and product of planning, designing and constructing form, space and ambience. The brand new building, designed by EPR Architects, houses a retail premises currently occupied by leading designer brand DSquared, with prime high specification office space above overlooking the hustle and bustle of the famous London shopping district.
Originally a post war brick and concrete building, this was demolished to basement level to then construct the development comprising ground floor, six storeys, a screened roof plant enclosure and a green roof. The site is located adjacent to the Regent Street Conservation area and within the Mayfair Conservation area and is aiming to achieve a ‘Very Good’ BREEAM rating.
Source: McLaren www.mclarengroup.com
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