Leumi UK and Delancey agree £47 million loan to Tristan Capital Partners to refinance East London office
Posted: 21st February 2024 | Share
Leumi UK and Delancey Real Estate have signed a £47 million loan with Core Plus Fund CCP IV, advised by pan-European real estate investment manager Tristan Capital Partners, for the refinance of One Stratford Place – a Grade A office asset in Stratford, East London.
The well-located 127,000 sq ft BREEAM ‘Excellent’ property, which is part of the Westfield shopping centre, sits close to Stratford Train Station and as such provides excellent transport links across London.
Leumi UK provided a £30 million loan to Tristan with a further £17 million of mezzanine debt provided by Delancey Real Estate via their dedicated credit fund.
Gez O’Sullivan, Relationship Director at Leumi UK, said: “Stratford remains a vibrant, well-connected area for businesses to operate from and as such demand remains high for best-in-class offices, like One Stratford Place. We were delighted to work with such a highly rated sponsor as Tristan Capital Partners, which has demonstrated its standing as a leading European real estate investor. Leumi UK is striving to capitalise on the debt gap in the current market, providing loans to top tier sponsors against well-performing, quality real estate assets.”
Martin Farinola, Head of Real Estate Debt Strategies at Delancey, said: “We are thrilled to be part of the successful refinancing of One Stratford Place. This transaction furthers our commitment to financing high quality real estate projects and sponsors like Tristan Capital Partners. As Delancey continues to innovate and invest in the future, this refinancing is another step towards sustained success in today’s highly competitive commercial real estate market.”
Sam Harmon, Director at Tristan Capital Partners, said: “We needed to choose a lender with a long-term outlook and expert knowledge of the sector – a brief that Leumi UK and Delancey matched. Their team's expertise, combined with their collaborative approach, has been instrumental in this partnership. We remain confident in the performance of high-class office assets in Stratford, an area which remains popular among businesses given its excellent connections and competitive rents.”
