BlackRock Real Assets has provided a £20 mln (€23 mln) loan to US group Cerberus Capital Management to refinance eight of the 15 buildings that comprise the Quorum business park, an office park located 4 miles north of Newcastle city centre in the UK.
The asset comprises almost 500,000 sq ft (46,500 m2) of Class A office space constructed primarily between 2009 and 2012 and is managed by Broadoak Asset Management.
Four buildings are 100% occupied, and the other four are in various stages of lease-up. The loan has an initial funding of £15 mln, with a further £5 mln available once certain capital improvement conditions have been satisfied.
Eduard Mantz, originator for real estate debt Europe at BlackRock, commented: 'Cerberus has been a repeat borrower of the BlackRock Real Estate Debt team, both in the US and Europe. We are very pleased to have been able to support this renowned investor in their commitment to one of the premier business parks in the North of England.'
'Since taking ownership of this property in 2012, we have steadily grown its occupancy and plan to continue to increase its use going forward,' said Robert Falls, managing director of Cerberus European Servicing. 'We have seen strong demand in the market, and with our recent investments in upgrades and sub-division modifications we will better accommodate tenants of all sizes and needs.'