Joint venture partners Lincoln Property Company and MGT Investment Management have secured a three-year £115m senior debt facility from Fiera Real Estate Debt Strategies to refinance the One Station Hill office development in Reading.
The facility refinances an existing development loan from BGO and provides additional capital to support the final phase of leasing at the 280,000 sq ft, 15-storey scheme, which is more than 70% let.
Richard Howe, managing director and co-head of European real estate debt at Fiera, said: “This financing underlines our conviction in high-quality, well-located assets and experienced sponsorship. One Station Hill is a standout scheme and we are pleased to support its continued leasing and stabilisation.”
Callum Thorneycroft, managing director, MGT Investment Management, speaking on behalf of the Lincoln MGT joint venture, added: “Attracting further institutional capital reflects the quality of One Station Hill and the occupiers that have committed to the building. We look forward to continuing to deliver the quality offering which Station Hill provides, creating a dynamic, collaborative and amenity-rich destination in the heart of one of the UK’s fastest-growing urban economies.”
