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The Toronto-based manager wanted to find a buyer for the London office tower by 20 January, prior to the expiration of the underlying commercial mortgage-backed securities loan.
Special servicer SitusAMC has agreed to a one-year extension on the loan backed by The Squaire, which was set to mature this month.
The facility replaces a €723.9m loan secured by the Finance Tower, owned by South Korea’s JR Global REIT.
Opportunities are emerging from troubled assets or owners, but they are not what the industry had anticipated.
The office complex has recently been refinanced for more than €600m by a syndicate of French banks.
The £900m equity backstop committed by shareholder Brookfield is designed to gain bondholders’ approval for raising fresh debt.
Berlin Hyp and DZ Hyp, both new lenders on the deal, stepped in after the building’s owners injected €60m into the property.
The central bank says private credit lending and specialist real estate banks could pose unseen issues for financial stability.
The alternative asset manager prefers office renovation projects to demolition plans, according to its head of UK real estate investment.
The refinancing of 32 Rue Blanche in Paris’ ninth arrondissement was secured by Toronto-based investor Oxford Properties following its renovation.