DekaBank provides financing for grade A office building in London EC4
DekaBank has arranged and underwritten a new GBP 78 million, three year loan secured on St Martin’s Court, 10 Paternoster Row, London EC4, (“SMC”), a Grade A office building located opposite to St Paul’s Cathedral. The financing was provided to a Joint Venture between Oxford Properties and Madison International Realty.
SMC was developed in 2003 as a part of the redevelopment of Paternoster Square, and provides 106,405 sq ft (approx. 9,885 sqm) of Grade A office space (fully leased to CBRE Ltd / CBRE Inc) together with 20,359 sq ft (approx. 1,891 sqm) of multi-let retail space. It was acquired by Oxford Properties in December 2012, with Madison International Realty becoming a co-owner in December 2016 through the creation of the Joint Venture partnership. The property has been well maintained since development and carries a strong EPC rating of “B”.
The financing of SMC builds on the existing longstanding lending relationship between Oxford Properties, Madison International Realty and DekaBank. It further demonstrates DekaBank’s commitment to providing finance to leading Real Estate investors in core markets on properties meeting investor and tenant energy performance expectations.