Maya Capital has secured a £21 mln (€23 mln) financing for the £30 mln acquisition of Guildhall, a high-quality office building in central Glasgow, UK.
The debt was arranged by Ara Venn, a specialist investment manager in European real estate private debt and provided by Schroders via their Income Plus Real Estate Debt Fund.
Guildhall is a landmark office building in Glasgow’s city centre totalling 145,000 sq ft with near 100% occupancy.
JLL advised Maya on the deal. Claudio Sgobba, senior director of debt and structured finance for EMEA at JLL, said: ‘This acquisition is an important indication of the increasing lender activity across the UK and highlights the demand among lenders for assets with strong fundamentals. The debt markets continue to offer ample liquidity following a return to stabilisation after the disruption in the earlier parts of the year.’
George Cotterell, ARA Venn, commented: ‘While the pandemic has created uncertainty across the market, we are open for new business. Our core strategy – prudent lending to best in class sponsors against long term real estate fundamentals – remains valid across cycles.’
Patrick Bone, fund manager at Schroders Real Estate Investment Management, added: ‘This loan we have provided to Maya Capital is a great example of the types of deals we are targeting for our Schroders real estate lending strategy; assets underpinned by strong real estate fundamentals, backed by borrowers with strong track records.’