JLL advises Maya Capital on £21 million financing for the acquisition of iconic Glasgow office asset
JLL has advised Maya Capital on a £21 million financing for the £30m acquisition of Guildhall, a high-quality office building in central Glasgow, UK. The debt was arranged by ARA Venn, the specialist investment manager in European real estate private debt and provided by Schroders via their Income Plus Real Estate Debt Fund.
Guildhall is a landmark office building in Glasgow’s city centre totalling c145,000 sq. ft with near 100% occupancy. The building is situated close to all key public transport hubs and amenities and is a five-minute walk from Queen Street and Glasgow Central stations, as well as Buchanan Street and George Square.
Claudio Sgobba, Senior Director, Debt and Structured Finance, EMEA, JLL, said: “We are pleased to have been able to support Maya Capital in securing this financing solution as part of their continued strategy of targeting regional UK office assets with excellent locations and strong asset management potential. This acquisition is an important indication of the increasing lender activity across the UK and highlights the demand among lenders for assets with strong fundamentals. The debt markets continue to offer ample liquidity following a return to stabilisation after the disruption in the earlier parts of the year. Through our unparalleled relationships with the lender universe, we were able to secure a highly competitive execution for Maya Capital and look forward to working with the group again in the near future.”
David Pralong, Managing Partner, Maya Capital, commented: “We are delighted to acquire this property in one of the best locations in Glasgow. ARA Venn and Schroders have been great partners in this transaction, and we are looking forward to working with them as we expect to acquire more assets in the coming months.”
George Cotterell, ARA Venn, commented: “While the pandemic has created uncertainty across the market, we are open for new business. Our core strategy – prudent lending to best in class Sponsors against long term real estate fundamentals – remains valid across cycles. We were impressed by the Maya team and their underwrite, and grateful for the opportunity to help them close this acquisition in a short time frame.”
Patrick Bone, Fund Manager, Schroders Real Estate Investment Management, commented: “This loan we have provided to Maya Capital is a great example of the types of deals we are targeting for our Schroders real estate lending strategy; assets underpinned by strong real estate fundamentals, backed by borrowers with strong track records.”
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.