Ares Management Corporation has announced its European real estate debt team has closed on a £300m senior loan to refinance two marquee central London assets.
The portfolio consists of the global flagship of Burberry at 21-23 New Bond Street, which is currently undergoing a refurbishment that is expected to be completed this summer, and Hilton London Kensington – a 601-room, four-star hotel located at 179-199 Holland Park Avenue in West Kensington.
Philip Moore, partner and head of European real estate debt in Ares Real Estate, said: “This investment highlights the demand for flexible, creative financing solutions in the current market given rising interest rates and pullback from traditional lenders.
“We are excited to support this portfolio of high-quality assets with prime locations and long-term tenants. We believe that this is a great example of the role that private credit providers can play in stepping in to provide liquidity during a broader credit tightening.”
JLL debt and structured acted as financial advisor to the borrower.
