Pramerica Real Estate Investors today announced it has agreed a £24 million (approx. 28.8 million) five-year facility from pbb Deutsche Pfandbriefbank, secured against 55 Old Broad Street, which it recently acquired.
Pramerica Real Estate Investors is the European arm of the real estate investment management and advisory business of Prudential Financial, Inc. (NYSE: PRU), which is headquartered in the United States.
Pramerica acquired 55 Old Broad Street, a 100,000 ft² (approx. 9,290 m²) mixed-use office property with retail space located in the Liverpool Street area of the City of London, out of receivership in July, 2012 on behalf of client funds, for a consideration of £54.15 million (approx. 68 million).
The property was originally purchased with equity and has been partially refinanced with this new facility. The property is let to a diverse range of occupiers and offers a variety of asset management and letting opportunities as leases expire.
"55 Old Broad Street is a very well-located, but under-managed building in the heart of the City of London which offers a number of repositioning opportunities to create value through asset management and tenant re-gearing," said Charles Crowe, head of U.K. transactions at Pramerica Real Estate Investors.
"Having acquired the property out of receivership with equity, this facility endorses our view of 55 Old Broad Street's potential and provides us with the funding to start implementing our asset management and refurbishment works."
Source: FTI Consulting