GMG Real Estate secures a £60m funding package from BentallGreenOak for the acquisition and refurbishment of Premier House in Victoria, Central London.
The real estate arm of a Swiss investment management firm led the acquisition of Premier House from Derwent London for £50m and simultaneously secured £60m of financing from BentallGreenOak
GMG Real Estate will undertake the significant refurbishment of the property and deliver it back to the market by Q2 2021. BentalGreenOak provided acquisition and refurbishment facilities.
The 60,701 sq ft freehold office building was acquired vacant from Derwent, with the long-standing tenant, Regus (IWG) coming to the end of their lease.
The property is exceptionally well located in Victoria, occupying a prominent position on the north side of Greycoat Place and comprises six floors with office accommodation on five upper floors with retail on the ground floor. GMG Real Estate is planning to refurbish the interior and façade, convert the basement car park to office and add up to two additional floors.
GMG Real Estate is an investment management firm with a dedicated team of experienced professionals and a track record of investment and value creation in urban mixed-use real estate in the UK, Switzerland, Germany and Portugal.
JLL debt advisory secured the loan from BentalGreenOak for GMG Real Estate.
Martin Sheridan, UK debt principal at BentalGreenOak, said: “BentallGreenOak is pleased to have supported GMG Real Estate on this exciting project. Repositioning Central London offices is central to our UK debt strategy and we look forward to working with the sponsor to help them achieve their business plan.”
David Barry, senior director at JLL debt, said “We are delighted to have secured this package on such attractive terms from BentallGreenOak. The combined acquisition and refurbishment facilities enables the sponsor to redevelop Premier House in a timely basis in order to take advantage of the strong fundamentals of the Victoria office market. BentalGreenOak was proactive and commercial throughout the process and delivered the right solution for our client’s vision.”
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.