Helaba finances Harbor’s London office purchase

Floating-rate five-year loan has a 65% LTV ratio.

German bank Helaba has financed Harbor Group International’s acquisition of 8 Bouverie Street in central London with a £31.2 million (€35.2 million) loan.

The five-year, floating-rate bilateral bullet debt loan has a 65 percent LTV ratio. The debt facility was “competitively priced”, said Claudio Sgobba, senior director at property broker HFF, which advised HGI.

The loan will fund the purchase of the 46,000-square-feet office building, which features five floors of space fully leased to the end of 2029 to a subsidiary of media company Euromoney.

“8 Bouverie is a perfect fit for our investment strategy of acquiring properties occupied by first-class tenants in key markets.”

– Jay Zwiebel

“HGI continues to actively pursue investments in the London market,” said Jay Zwiebel, executive managing director of HGI.

He added: “8 Bouverie is a perfect fit for our investment strategy of acquiring properties occupied by first-class tenants in key markets.”

Speaking in September to Real Estate Capital, Michael Kröger, head of international real estate finance at Helaba, said the bank had closed approximately €850 million of deals in the UK in the prior 12 months.