Nuveen Real Estate and DekaBank have recently acted as joint arrangers of a €312.3m (£285m), an eight-year loan secured on 3 and 4 Pancras Square, two Grade A office buildings located in King’s Cross, London. Nuveen Real Estate and DekaBank jointly provided the financing to a subsidiary of the King’s Cross Central Limited Partnership (KCCLP), a joint venture between AustralianSuper and Argent (King’s Cross).
3 and 4 Pancras Square were completed in 2016 and 2017 respectively, providing nearly 400,000ft² of BREEAM-rated ‘Excellent’ office and retail accommodation. They are currently let long-term to Universal Music and Havas, both subsidiaries of Vivendi. The properties are located at the southern gateway of King’s Cross Central, a 67-acre site, which is being developed by Argent on behalf of KCCLP to provide in excess of 3.9 million ft² of commercial space, 2,000 residential units and a campus for the University of Arts London.
The transaction represents Nuveen Real Estate’s first financing to KCCLP and extends DekaBank’s existing relationship following the provision of a €166.6m (£152m) loan facility secured on 1 and 2 Pancras Square in October 2017.
Jason Rodrigues at Nuveen Real Estate commented: “We are delighted to have been able to work with Argent, KCCLP and DekaBank to provide a long-term financing solution to KCCLP. We continue to expand our lending platform, and this transaction complements our existing core portfolio.”
Chris Bennett at DekaBank commented “The financing of 3 and 4 Pancras Square provided the opportunity to build on our existing lending relationship to Argent and KCCLP and to establish a new relationship with Nuveen Real Estate. The loan underlines our continued commitment to core central London office financing opportunities.”