Eurohypo AG, Europe's leading commercial real estate lender, has provided a £50-million (approx. 56-million) financing to Almacantar to assist in the acquisition of Centre Point, WC1. The five-year facility was structured to support the purchase of the building while also allowing surplus monies to be employed for capital expenditure.
Michael Acratopulo, Managing Director, UK Origination, Eurohypo, commented: "We were delighted to be able to support Almacantar in their first acquisition. We have been in dialogue with the team at Almacantar since its inception and have been impressed with their vision as a company and for this asset. The financing played to our strengths in allowing us to deploy our real estate experience to understand Almancantar's plans to actively manage the property."
Michael Halcrow, Finance Director, Almacantar, noted: "This was our first acquisition so it was important that we had a funding partner who understood our strategy and who was going to be able to deliver in a timetable consistent with our acquisition timetable. Eurohypo performed strongly on both counts."
Centre Point is a 233,000-ft² (21,645-m²) complex dominated by the 34-story tower. The complex predominantly provides multi-let office space with additional retail and leisure space.
Source: Madano Partnership