Ærium, the European real estate fund manager, has secured a €71.7m (£66m) refinancing with Deutsche Bank on Herbal House, an office and residential redevelopment in Clerkenwell, London EC1. As well as refinancing the existing loan, the facility will be used to complete the development until it is fully let.
Herbal House is a new concept of flexible workspace, reviving one of London’s most iconic pieces of industrial architecture. The former warehouse, dating back to the 1920s, has been wholly re-designed to deliver a 115,000 ft asset comprising over 100,000 ft² of modern office space, spread across ten floors. The asset’s redevelopment, which is close to completion, will celebrate its industrial past, retaining the striking original façade and integrating exposed brickwork and steel windows with new state-of-the-art features to create a bright and contemporary workplace environment. Benefiting from a prime location, strong and improving transport connections and a wealth of local leisure and amenity options, Herbal House is ideally placed to meet the growing demand for innovative and flexible workspace in central London.
Originally constructed in 1928 for the Daily Mirror as their print press headquarters, Herbal House has played many roles in its lifetime ranging from an artist’s studio to providing a backdrop for influential music videos. This historic building, which is a living piece of British media history, has been revived for businesses of today.
Robin Carr, Co-chief Investment Officer at Ærium, said: “We are delighted to have completed this refinancing with Deutsche Bank. Herbal House is located in the heart of London’s best-established hub for digital, design and creative business, and also benefits from excellent public transport links including the forthcoming Elizabeth line, which will launch in 2018. We look forward to welcoming businesses to experience this exclusive and imaginative office space in Clerkenwell.”
Nick McNair, Managing Director at Deutsche Bank, added: “We are pleased to provide Aerium with the finance for this prime central London property. The transaction reflects a willingness to back the right asset and to offer attractive financing solutions to our clients.”