Joint venture partners Goldman Sachs Alternatives and Edge Technologies have agreed a £340m refinancing deal with Tristan Capital Partners for the EDGE London Bridge office development.
The loan refinances the existing construction facility and funds the remaining costs to complete the scheme, which is located adjacent to London Bridge train station.
EDGE London Bridge will provide approximately 275,000 sq ft of prime office accommodation across 26 floors and feature extensive occupier amenities. The JV partners have agreed a circa 50,000 sq ft pre-let to an unnamed occupier across the building’s upper floors.
The transaction is the seventh investment for Tristan Capital Partners’ Tristan Income Plus Strategies 2 (TIPS Two) income plus real estate debt fund and the largest single loan the TIPS platform has originated to date.
Dan Pottorff, head of debt investment at Tristan Capital Partners, said: “EDGE London Bridge is the kind of asset the TIPS Two strategy is built to finance – a best-in-class, highly sustainable building in a supply-constrained Central London submarket, backed by an institutional sponsor with the proven capability to deliver it. With construction substantially complete and strong early leasing momentum, this is a well-protected, income-led lending opportunity for our investors.”
Richard Innes, head of international debt capital markets, real estate at Goldman Sachs Alternatives, added: “We are pleased to secure this key refinancing and optimise the capital structure for Edge London Bridge, building on good early leasing momentum ahead of practical completion. We are also very happy to be partnering with Tristan for this transaction, as we continue to expand and diversify our lender relationships across Europe.”
Fons van Dorst, executive managing director UK at Edge, said: “This announcement marks a significant vote of confidence in the London office market and Edge’s development and operational capabilities. As our first scheme to complete in the capital, we’re extremely proud to bring to market a project that sets the benchmark for sustainability as well as viability during an uncertain economy. Our partners have seen our track record and understand the quality and value that Edge brings to each of its buildings, and we look forward to delivering a scheme that reflects that ambition.”
