LaSalle Investment Management has provided €68.5m (£57.5m) 3-year senior loan to support the ownership of Landmark, St Peter’s Square in Manchester by Barings. The loan refinances existing borrowings and supports Barings’ continued leasing strategy for the property.
The 180,000ft², Grade A office building was delivered in 2020 and is leased to a number of large corporate occupiers, including JLL, Grant Thornton,HSBC and Allianz. The building is one of the most sustainable developments in the Manchester office market with BREEAM ‘Excellent’ and EPC ‘A’ ratings.
Richard Craddock, Managing Director within LaSalle’s Debt Investments platform, commented: “We are delighted to have supported Barings through this financing. We remain strong supporters of the office sector, particularly for assets with best-in-class ESG credentials located in core markets such as Landmark.”
Daniel Kohler, Director, Head of Real Estate Treasury, Europe at Barings commented: “We are pleased to have secured financing from LaSalle’s Debt Investments platform as we continue to realise our ambition for Landmark to set a new benchmark for best-in-class and sustainable office space in Manchester. LaSalle offered a debt package that demonstrated both flexibility and deep knowledge of the real estate market – both of which are crucial for the value-add and core+ opportunities for which we often seek finance as part of our investment strategy.”