Laurence Kirschel’s Consolidated Developments has closed a £323 million (€368 million) debt financing for the St Giles Circus project in London’s West End.
The debt facility has been provided by Blackstone Real Estate Debt Strategies (BREDS) and will be used to refinance existing debt, facilitate a corporate reorganisation and develop the St Giles Circus mixed-use project.
The financing has been structured as separate senior and mezzanine facilities, to allow flexibility on syndication and leveraging.
St Giles Circus is being developed on a one-acre site at Tottenham Court Road next to the new Crossrail station, between the Centre Point building and Denmark Street. The borrower won planning consent last year for a 183,000-square-foot scheme, which will deliver two new buildings.
The new development includes a boutique hotel, a restaurant and a bar in one building, while the other features a curated events space plus an 800-seat underground venue.
The development also includes rented residential and affordable housing both on and off the main site.
Berwin Leighton Paisner (BLP) advised BREDS on the development financing project.
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