JLL advises Trinova Real Estate and STARS REI on their acquisition financing, provided by Nuveen Real Estate, for 103 Mount Street, London W1
LONDON, 15 September 2020 – JLL Debt Advisory has advised Trinova Real Estate and STARS REI on a £47 million acquisition financing from Nuveen Real Estate, one of the largest investment managers globally, for a prime mixed-used retail and office asset located at 103 Mount Street in central London.
Situated in the heart of London’s exclusive Mayfair district, 103 Mount Street sits opposite the five-star Connaught Hotel and is just 300 metres from Berkeley Square. The property comprises of 32,000 sq ft of office and retail accommodation and is multi-let to three office tenants, with the retail space entirely occupied by Celine, the fashion house owned by LVMH.
Dave Barry, Senior Director, Debt and Structured Finance, EMEA, JLL, said: “We are delighted to have assisted Trinova Real Estate and Stars REI in securing a competitive and flexible senior financing solution with a new relationship lender, which will allow them to execute their business plan and drive value from the property. Real estate debt markets are stabilising as we emerge from the pandemic and this deal demonstrates the continued appeal of the central London market with lenders.”
Christian Janssen, Head of Real Estate Debt, Europe, Nuveen, commented: “We are pleased to have supported Trinova Real Estate and STARS REI on this prime London acquisition. This new origination demonstrates Nuveen’s continued appetite to invest in commercial real estate loans backed by high quality collateral across the UK and Europe and with outstanding sponsorship.”
Ed Costello, Partner, Trinova Real Estate, commented: “In these turbulent times we are focused on acquiring assets with good bones, great floor plates and natural light, and with unquestioned location fundamentals. 103 Mount Street meets these requirements and more. We are excited to have partnered for the first time with Nuveen on this financing and look forward to working hard to enhance the asset on behalf of our partner STARS REI.”
Oscar Boettiger, CEO, STARS REI, added: “We believe 103 Mount Street is a great addition to our real estate portfolio. At STARS REI, regardless of market cycles, we are keen to invest in assets that offer immediate optionality and benefit from strong locations and building quality, all of which are sustainable long-term fundamentals.”
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 in 2019, 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. For further information, visit jll.com.