Korean Investors Extend £350M Of Maturing London Office Loans
Two Korean investors have refinanced loans on large London office buildings that were at or near maturity.
Mirae Asset Daewoo and NH Investments, advised by Valesco, have rolled a £149M loan on the 287K SF Cannon Bridge House in the City, React News reported. The building was bought for £248M in 2018, with German lender Aareal providing the loan.
Aareal has provided a one-year extension to the loan, which was due to mature next month.
Elsewhere in the City, Samsung SRA Asset Management has agreed a three-year extension to a loan of around £200M secured against the 385K SF 200 Aldersgate. The building was bought for £315M in 2018.
The loan was provided by Nuveen and it matured earlier this year.
Cannon Bridge House was up for sale for £320M in 2021, React said, while 200 Aldersgate was up for sale for £350M earlier this year.
A third debt negotiation ongoing in the City between a lender and a Korean investor involves the 152K SF One Poulty.
The building was bought for £185M in December 2018 by Korean asset manager Hana, with a loan of around £100M from Bank of Ireland. The value dropped and a loan-to-value covenant was breached, React and Bloomberg reported, leading to the need for the asset to be refinanced. The building’s 110K SF of office space is occupied by WeWork.
