Kiwoom Securities and Hana Securities have secured a £46m refinancing deal on the Grade A Cannon Green office scheme in the City of London from Deutsche Hypo – Nord/LB.
The Korean investors have agreed a three-year, interest-only debt facility on the 110,000 sq ft office, which is fully let to a range of tenants.
The BREEAM Very Good and EPC B-rated property is located next to Cannon Street station and within close proximity of Bank tube station.
John Hardie, senior director, debt and structured finance at CBRE, which advised on the refinancing, said: “Despite ongoing pessimism about the state of the office market, this deal is testament to the fact that liquidity and appetite to lend exists for good quality assets with strong income profiles. Lenders are being more conservative and lending terms have tightened but we have seen a positive shift in sentiment since the start of the year and competitive financing is there to be deployed.”
Christopher Daniel, founding partner of Quadrant, which has been appointed asset manager for the property, added “We were delighted to have assisted in managing this successful project, working with the other advisers and providing the lender comfort a credible business plan existed to ensure the continued relevance of the asset and strength of the ongoing income.”
