Fiera Real Estate Debt Strategies has provided a £40.8m senior debt facility to a joint venture between SIGNAL and W.RE for the acquisition and refurbishment of 10 Lime Street in the City of London.
SIGNAL and W.RE have acquired the 54,611 sq ft office building, which is located on the corner of Lime Street and Leadenhall Place, from global reinsurer SCOR.
The facility will part-finance the acquisition and the comprehensive refurbishment of the building, which was built in 2009. W.RE will act as development manager on the project.
Richard Howe, managing director and co-head of European real estate debt at Fiera Real Estate, said: “This facility is another excellent addition to our growing loan book, which has a disciplined focus on lending against defensive real estate, leading sponsors and sectors where supply-demand dynamics are most attractive. We are thrilled to continue our relationship with W.RE and establish a new one with SIGNAL.”
Colman McCarthy, partner, real estate investment at SIGNAL, added: “We are pleased to have the support of Fiera on this transaction and would like to thank them for their professionalism and commitment throughout the process. Their facility positions us well to deliver a best-in-class refurbishment at 10 Lime Street, enhancing the building’s amenity and sustainability credentials and strengthening its appeal amid strong demand for prime office space.”
Andrew Haines, COO of W.RE, said: “It was great to work with the Fiera team again on the acquisition of 10 Lime Street. Their continued support is a strong vote of confidence in our plans for 10 Lime Street and in our ability to deliver exceptional projects. This was our second financing with Fiera, and once again they were efficient and commercial, which was essential to meet the transaction’s tight timeframe. We are looking forward to working with Fiera in the coming months as we deliver more sustainable, best-in-class spaces across London.”
