Leumi UK and Delancey Real Estate have agreed a £47m loan with Tristan Capital Partners to refinance office asset One Stratford Place in Stratford, East London.
Leumi UK provided a £30m loan to Core Plus Fund CCP IV – advised by Tristan Capital Partners – with a further £17m of mezzanine debt provided by Delancey Real Estate via its dedicated credit fund.
The 127,000 sq ft BREEAM Excellent-rated office asset is part of the Westfield shopping centre.
Gez O’Sullivan, relationship director at Leumi UK, said: “Stratford remains a vibrant, well-connected area for businesses to operate from and as such demand remains high for best-in-class offices, like One Stratford Place. We were delighted to work with such a highly rated sponsor as Tristan Capital Partners, which has demonstrated its standing as a leading European real estate investor. Leumi UK is striving to capitalise on the debt gap in the current market, providing loans to top tier sponsors against well-performing, quality real estate assets.”
Martin Farinola, head of real estate debt strategies at Delancey, added: “We are thrilled to be part of the successful refinancing of One Stratford Place. This transaction furthers our commitment to financing high quality real estate projects and sponsors like Tristan Capital Partners. As Delancey continues to innovate and invest in the future, this refinancing is another step towards sustained success in today’s highly competitive commercial real estate market.”
Sam Harmon, director at Tristan Capital Partners, said: “We needed to choose a lender with a long-term outlook and expert knowledge of the sector – a brief that Leumi UK and Delancey matched. Their teams’ expertise, combined with their collaborative approach, has been instrumental in this partnership. We remain confident in the performance of high-class office assets in Stratford, an area which remains popular among businesses given its excellent connections and competitive rents.”
