Barings Real Estate said on Monday that it has provided a £83 mln (€95 mln) loan to finance the freehold acquisition of 55 Mark Lane in the City of London by Hao Tian Asia Investment Company.
The seven-year fixed-rate first mortgage loan represents a loan-to-value of 65% and was provided on behalf of an institutional investor of Barings.
The property comprises 161,689 sq ft (15,000 m2) of grade A office, retail and ancillary accommodation over 10 floors, including a basement level. The asset, which is fully let, is occupied by eight office tenants and is situated in the heart of the City.
'This significant loan has enabled the purchase of a high-quality asset in a prime City office location with strong covenants and the potential for rental growth,' said Chris Bates, head of Real Estate Core Mortgage Europe at Barings. 'We remain confident in the outlook for London and its attractiveness for international business, as evidenced through this transaction. We look forward to building on recent momentum to grow our lending platform.'