CBRE Arranges £46m London Office Refinancing
CBRE appointed by Kiwoom Asset Management on behalf of Kiwoom Securities and Hana Securities to refinance the existing debt on Cannon Green, EC4
Deutsche Hypo – Nord/LB has underwritten a £46 million three-year, interest-only debt facility to refinance the existing debt on Cannon Green, a Grade A office building strategically located in the City of London.
Cannon Green, London EC4 provides 110,000 sq ft of modern office fully let to a range of tenants, including a flex-office provider with on-site amenity offered by a gym and The Listing restaurant & bar. The property benefits from strong ESG credentials, including BREAM Very Good and EPC B and is very well-connected in the heart of the City, located adjacent to Cannon Street station and within close proximity to Bank station.
CBRE’s Debt & Structured Finance team advised the borrower on the refinancing. Additionally, Quadrant have been appointed as the asset manager for the property, ensuring its continued success.
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.
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.