Eurohypo AG, Europe's leading commercial real estate lender, has provided a £86.7 million (approx. 98.5 million) financing to Max Property Group to assist in the acquisition of St Katherine Docks, London.
The five-year facility was structured to support the purchase of the estate whilst also allowing surplus monies to be employed for capital expenditure. Eurohypo, the agent and sole underwriter of the facility, worked closely with Prestbury Investments LLP in its capacity as property advisor to Max, to formulate a debt package which aligned with Max's business plan objectives.
John Rubbert, Director, UK Origination, Eurohypo, commented: "We were delighted to be able to support Max Property Group in this prominent acquisition. We have a strong track record for working with Max and were very keen to tailor a debt package for them on this particular estate.
"The financing played to our strengths in allowing us to deploy our real estate experience to understand Max's plans to actively manage the property."
Sandy Gumm, Chief Operating Officer, Prestbury Investments LLP, noted: "This was another significant acquisition for Max and it was important that we had a funding partner who understood the asset strategy and who was going to be able to deliver on time and with minimum hassle. Eurohypo performed very strongly on both counts."
St Katherine Docks is situated on the Thames immediately adjacent to Tower Bridge and the Tower of London and comprises 500,000 ft² (approx. 46,450 m²) of accommodation within several office buildings together with additional retail and leisure uses. St Katherine Docks additionally benefits from Central London's only marina.
Source: Madano Partnership