BNP Paribas and Credit Agricole have provided a five-year £98.8m facility for Tribeca Holdings, secured on the Brompton Cross Estate in Chelsea, West London.
The loan is predominantly a refinancing but also includes a capital expenditure tranche. Both banks will hold the debt on balance sheet.
Tribeca’s funding partner at the estate, Pramerica Real Estate Investors, is also supplying preferred equity.
Tribeca has managed to attract a number of luxury brands to the 56,000 sq ft Brompton Cross Estate, helping to improve rental levels.
Last year, Pramerica also joined Tribeca on the £136m purchase of 431-451 Oxford Street, opposite Selfridges. At that location, Watches for Switzerland is paying a record rent for the street at £950 per sq ft on a 20-year lease.
Credit Agricole then closed a £95m three-year senior loan to Tribeca and Pramerica to refinance 431-451 Oxford Street, selling down part of the senior to US investor Prudential Capital . That facility also included a capex line of £15m.
“We are very pleased to support our client Tribeca Holdings in the repositioning of The Brompton Cross Estate, which is becoming an attractive luxury retail destination,” said Anne Toledano, head of UK real estate and hotel group at Credit Agricole. “The financing facility provides the necessary flexibility to successfully asset manage the Estate.”
On the Brompton Cross Estate loan, BNP Paribas acted as book-runner, mandated lead arranger and agent, while Credit Agricole acted as mandated lead arranger.
Romain Simon, head of UK real estate at BNP Paribas, said: “Tribeca Holdings has a strong track record in developing real estate assets of this nature and positioning them for further continued growth, and Pramerica is an excellent funding partner for this project.”