Istithmar PJSC has completed the purchase of Marcol House, London, W1 for and has re-branded the property as Cavendish Gate. Debt funding for the acquisition came from Eurohypo AG, which provided a £35 million (approx. €48 mln) acquisition facility that allows Istithmar PJSC to hold the asset whilst working on future strategies to increase its value. Eurohypo is sole mandated Arranger, Agent and Underwriter for the facility.
The property is very well located and currently comprises of 76,040 ft² of offices across three separate buildings and is multi-let. Opportunities to re-configure and improve space are being considered, which may lead to a future redevelopment. Istithmar PJSC are working alongside The Property Merchant Group to explore the opportunities.
Eurohypo agreed, documented and drew the facility within three weeks of being mandated, working closely with the client and P&O Estates, Istithmar PJSC's UK property arm, to produce a practical financing solution.
William Edgerley, Managing Director, P&O Estates Limited, who are a sister company to Istithmar PJSC and advised them on the transaction said, "We were impressed at how quickly Eurohypo grasped the property fundamentals of this transaction. Timing was critical and they performed strongly."
Michael Acratopulo, Managing Director Origination, Eurohypo, said, "We are delighted to have commenced our relationship with Istithmar. By working in partnership with our client and advisors, we were able to deliver a sophisticated package within the very tight timescales demanded by the deal."