pbb Deutsche Pfandbriefbank has provided a £106 million (approx. 130 million) facility to Plaza Global Real Estate Partners (Plaza), the joint venture created between Quantum Global Real Estate (QG Real Estate) and LaSalle Investment Management (LaSalle).
The loan will allow Plaza to refinance part of the initial acquisition of the prime office building located at 23 Savile Row, Mayfair, London. The transaction closed in December 2012.
This was the first acquisition by Plaza since inception in 2012. 23 Savile Row is a prime West End office property, which was developed in 2009. It is a high quality freehold building comprising nearly 103,000 ft² (approx. 9,568 m²) with floor to ceiling glazed facades on three sides. The property has received numerous awards, including West End Development of the Year at the Office Development Awards (2009).
The space is let to a high-end gallery on the ground floor and several financial companies in the six floors above.
Charles Balch, Head of Real Estate Finance International at pbb Deutsche Pfandbriefbank, commented: "Plaza is a new client for the bank and LaSalle is an existing client. Therefore the transaction shows the Bank's appetite to lend both to new and existing clients in pursuing its growth strategy."
Jamie Lyon, European Finance Director at LaSalle, added "LaSalle has a longstanding and deep relationship with pbb both in the UK and across the Continent. The financing of 23 Savile Row cements that relationship even further and Plaza is delighted to have closed this and to have financed it with pbb."