Rocket Properties has refinanced its Provost & East building with a £45m term loan arranged by Rothschild & Co’s real estate debt management business.
The Provost & East Building, which was constructed in 2018 by Rocket and designed by MAKE, comprises 95,000 sq ft of office and retail space, and is located in the Old Street ‘Silicon Roundabout’ area. The office component is majority let to WeWork and other tenants include software developer Similarweb.
Andrew Hawkins, from Rocket Properties, said: “We are delighted to have secured this refinancing with Rothschild & Co and to have established an important relationship with the bank. This marks a key milestone for our company and supports the continued long-term success of our business.”
Rob Jones, principal at Moorhall Capital, which arranged the funding on behalf of Rocket Properties, added: “We are pleased to have supported Rocket on another successful financing and we are delighted that this is with a new funding partner for them in Rothschild & Co. We have worked with Rothschild & Co on several fundings and we appreciate their pragmatic and collaborative approach. It has been great to see renewed enthusiasm from lenders to fund office led assets, we expect to see that continue as office occupancy continues to improve.”
Simon Osmond, managing director at Rothschild & Co, said: “It has been a pleasure to work with Moorhall and Rocket on this refinancing. We look forward to supporting Rocket’s continued success in one of London’s most vibrant commercial districts.”
