HSH Nordbank has arranged and underwritten the development financing for the new headquarters of NM Rothschild & Sons Limited on its historic site of New Court, St. Swithin's Lane in the heart of the City of London. The loan facility that has been arranged by the London Branch's Real Estate team is for a total amount of GBP 122 million (€152 million).
Rothschild is a leading European investment bank and part of the Rothschild group of companies which was originally established in Frankfurt in 1798. Rothschild has had a presence at New Court since 1809 and the new property will be its third purpose-built headquarters on the site.
With a net internal area of 140,000 ft² (13,000 m²), the new building will be more than twice as large as the existing property. The development will allow Rothschild to house its entire London-based staff in a new landmark building. Construction commenced in the first quarter of 2008 and the building is scheduled to be completed during 2011.
"We are pleased to have HSH Nordbank as our financing partner for the development of our new London headquarters," said a Rothschild spokesman. "We have been based at New Court for nearly 200 years and look forward to occupying our new building and developing a long-term relationship with HSH Nordbank."
"We are delighted to be the Sole Mandated Lead Arranger and Sole Underwriter for this highly prestigious transaction which has involved close co-operation with Rothschild over several months," said Peter Axmann, Deputy Head of Real Estate at HSH Nordbank. "It also provides a welcome boost to the real estate market in London. The continued presence of institutions such as Rothschild in the City of London is one of the reasons for the City of London's outstanding success and position as the World's leading financial center. The new construction of the London headquarters of Rothschild is a vote of confidence for the City and its important role."
Source: HSH Nordbank