Nuveen Real Estate and DekaBank have acted as joint arrangers of a £285 mln (€313 mln), eight-year loan secured on 3 and 4 Pancras Square, two Grade A office buildings located in King’s Cross, London.
The two lenders jointly provided the financing to a subsidiary of the King’s Cross Central Limited Partnership (KCCLP), a joint venture between Australian pension fund AustralianSuper and developer Argent King’s Cross.
Jason Rodrigues at Nuveen Real Estate commented: 'We are delighted to have been able to work with Argent, KCCLP and DekaBank to provide a long-term financing solution to KCCLP. We continue to expand our lending platform, and this transaction complements our existing core portfolio.'
Both 3 and 4 Pancras Square were completed in 2016 and 2017 respectively, providing nearly 400,000 ft2 (37,000 m2) of Breeam-rated ‘Excellent’ office and retail accommodation. They are currently let long-term to Universal Music and Havas, both subsidiaries of Vivendi.
'The financing of 3 and 4 Pancras Square provided the opportunity to build on our existing lending relationship to Argent and KCCLP and to establish a new relationship with Nuveen Real Estate. The loan underlines our continued commitment to core central London office financing opportunities,' said Chris Bennett at DekaBank.
The properties are located at the southern end of King’s Cross Central, a 67-acre (27 ha) site which is being developed by Argent on behalf of KCCLP to create some 3.9 million ft2 of commercial space, 2,000 residential units and a campus for the University of Arts London.
The transaction represents Nuveen Real Estate’s first financing to KCCLP and extends DekaBank’s existing relationship, following the provision of a £152 mln loan facility secured on 1 and 2 Pancras Square in October 2017.