HIG Realty has completed the £241m refinancing of a prime office scheme in London’s St James’s with Berlin Hyp and Delancey.
The refinancing replaces the development facility following the practical completion and letting of 20 Carlton House Terrace, which was recently redeveloped.
Designed by Roger Stirk Harbour + Partners, the redeveloped property comprises circa 147,000 sq ft of office space and an underground car park.
Delancey participated in the £241m facility as junior lender through its dedicated credit strategy with Berlin Hyp acting as senior lender.
Martin Farinola, head of real estate debt strategies at Delancey, said: “This landmark refinancing underscores the momentum of our expanding private credit platform, as we partner with Berlin Hyp/LBBW for a second time to support a best-in-class redevelopment backed by a top-tier sponsor in HIG. Across our debt and equity strategies, we’re deploying capital into exceptional opportunities where the demand-supply imbalance is driving powerful rental growth in the central London office market.”
Craig Prosser, managing director and head of real estate finance UK at Berlin Hyp, added: “We are excited to refinance this high quality redevelopment, as we continue to have high conviction in the prime central London office market. The project constitutes a prime example of sustainable and future-ready real estate, qualities which we are seeking. By engaging in this project, we are reinforcing our position as a leader in driving growth and delivering exceptional opportunities in this dynamic market.”
Chris Zlatarev, managing director of HIG Realty in Europe, said: “We are delighted to partner with Berlin Hyp and Delancey in the refinancing of 20 Carlton House Terrace, a best-in-class, super-prime St James’s, London redevelopment as demonstrated by substantially pre-letting the building prior to completion.”
