Eurohypo AG, Europe's leading commercial real estate lender, has provided £122.75 mln. (140.4 mln.) in financing to Ærium for the purchase of 3 Hardman Street, a grade A office building in Spinningfields, Manchester. Completed in 2009, the 393,000 ft² building is 93% let to tenants including M&S, lawyer Pinsent Masons, Bank of New York Mellon, and accountant BDO Stoy Hayward.
This is one of the largest regional investment transactions in years. It is also the fourth acquisition in less than a year for the successful long term established Luxembourg fund manager Ærium on behalf of its Glenn Arrow UK Property Fund.
Eurohypo is the agent and sole underwriter of the facility.
Michael Acratopulo, Eurohypo Origination, commented: "We are delighted to be supporting Ærium, which is a long standing client of the bank, in their latest UK acquisition. This deal clearly demonstrates Eurohypo's ongoing commitment to new lending in the UK as well as its ability to underwrite large tickets and support professional investors on regional transactions."
Franck Ruimy, CEO, Ærium, added: "We are pleased to add 3 Hardman Street to our portfolio of high-quality, income producing properties. It is thanks to Eurohypo's property finance expertise and its ability to underwrite large transactions that we are able to take advantage of such great opportunities in the market."
Source: Madano
