Singapore’s Sun Venture secures £303m debt facility for 1&2 New Ludgate
Singapore investor, Sun Venture, has secured a £303m debt facility from M&G Investments (“M&G”) to finance the acquisition of 1&2 New Ludgate. CBRE’s Debt and Structured Finance team, part of Capital Advisors, acted as sole debt advisor to Sun Venture with CBRE’s Central London investment team advising Landsec on the sale of the asset.
Located in the heart of the City, 1 New Ludgate comprises 183,305 sq ft of Grade A office and retail accommodation and is multi-let to several occupiers, including Ropes & Gray International and Commonwealth Bank of Australia. 2 New Ludgate comprises 206,310 sq ft of office and retail space, with the offices entirely let to Mizuho Bank.
Sun Venture bought the asset for £552m, marking their second acquisition in London, following the purchase of One New Oxford Street from Nuveen earlier this year. The acquisition of 1& 2 New Ludgate is one of the largest single asset office transaction of 2020.
We were able to run an extremely competitive process with a targeted number of parties demonstrating strong appetite to fund institutional, Grade A office space. This highlights the long-term confidence in the London office market, despite the challenges posed by Covid-19 over the course of this year. M&G provided competitive terms and demonstrated their commitment and professionalism in meeting the tight time frames required.