Queen Victoria Street
Redevelopment and restructuring of £120M debt with £81.4M DPO | Secured £90.5M new financing.
Queen Victoria Street
Redevelopment and restructuring of mortgage debt secured by two adjacent office buildings at 71 & 77 Queen Victoria Street, London EC4V 4AY.
Relevant information
Redevelopment and restructuring of £120M debt with £81.4M DPO | Secured £90.5M new financing.
Location
London EC4, UK
Year
2011
Redevelopment and restructuring of mortgage debt on two properties formerly leased to the Royal Bank of Canada, which vacated upon lease expiry in Q1 2012.
Business Plan
• Sell 77 Queen Victoria Street to an end user or developer
• Redevelop 71 Queen Victoria Street by expanding the NIA to 200,000 sqft, infilling the atrium, and relocating mechanical systems to the basement
Financing and Restructure
• Negotiated with Royal Bank of Scotland (RBS), securing a discounted payoff of £81.4M, covering:
• £120M senior loan
• £14.2M swap breakage costs
• Arranged new financing with Investec Bank plc:
• £70.5M (86% LTC) refinancing facility
• £20M (95% LTC) development facility
Key Takeaways
• Total Area: 188,901 sqft (162,061 + 26,840 sqft)
• Discounted Payoff (DPO): £81.4M
• Financing: £70.5M (Refinancing) + £20M (Development)
• Closed: August 2011
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