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TIAA Henderson Real Estate secures £120m debt facility for The Houndsditch Estate

Real Estate

TIAA Henderson Real Estate (TH Real Estate) has secured a new £120m debt financing on behalf of The Houndsditch Estate in the City of London. The new five-year facility has been provided by Santander and ING on a 50:50 basis, on highly competitive and flexible terms. With a total value of £200m, the 30,400 sq m portfolio comprises five properties situated on a 1.75-acre freehold island site in the City. The site was acquired in two stages during 2006 and 2009 by TH Real Estate, including the freehold interest of half of the estate from The Cutlers' Company late last year. Along with the financing, 50% was simultaneously sold to Madison International Realty, a New York-based investment company, laying the groundwork for a new joint venture partnership between the two firms. TH Real Estate will continue to manage the portfolio and debt on behalf of the JV. Ian Loveys, Senior Director, Structured Real Estate Finance, Santander Corporate Banking said: 'We are delighted to support TH Real Estate and Madison in their new joint venture. Together with ING, we were able to apply our extensive City Office lending experience to provide a well-tailored balance sheet lending solution that met key flexibility and pricing requirements for TH Real Estate and Madison.'

 

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