Delancey Real Estate has secured a circa £200m senior loan from L&G Asset Management to refinance the Here East creative and innovation campus in London.
The refinancing of the 1.2m sq ft campus, which is located at the former 2012 London Olympic site, follows a “competitive process” led by CBRE.
Richard Spooner, director of debt strategies at Delancey, said: “Following competitive interest from lenders, we are delighted to have partnered with L&G and our advisers at CBRE to refinance Here East, reaffirming its position as one of Europe’s leading creative and innovation campuses. Here East continues to attract world-leading brands and institutions, with over 1m sq ft let and the recent opening of V&A East Storehouse, the campus continues to evolve and deliver on the legacy of the 2012 Olympics.”
James Spencer Jones, head of real estate debt – UK and Europe, at L&G Asset Management, added: “We’re proud to support the continued evolution of Here East with the provision of this circa £200m debt facility. The site is a standout example of the dynamic, innovation-led real estate we aim to back – assets that drive economic growth, regeneration, and value for communities and investors alike.”
John Hardie, senior director debt and structured finance at CBRE, said: “Here East represents the very best of innovation in real estate, delivering 1.2m sq ft of multi-use assets in London. The campus has proven it can attract tenants from early-stage startups to global organisations, and it is a blueprint for embedding cultural infrastructure into regeneration and mixed-use development. We look forward to seeing Here East enter its next phase of growth.”
