ING Real Estate Finance has provided a £26.5 million term loan to real estate investment manager Meadow Partners to finance its recent acquisition of an office building located close to the South Bank of London’s River Thames.
The facility, which reflects a circa 55 percent loan-to-value ratio, is secured by the Harlequin Building, located at 65 Southwark Street, close to the Tate Modern art gallery.
Aberdeen Asset Management sold the 51,129 square foot building to Meadow Partners in May as part of a recent sell-off of London properties. The multi-let office building was sold for £48 million in a deal which reflected a yield of more than 4 percent.
Tenants at the seven-storey building include online estate agent Zoopla, ATG Media and workplace consultant Maris. Itsu occupies the 3,000 square foot ground-floor retail unit.
Meadow Partners operates from London and New York. The firm manages fully discretionary property investment funds on behalf of North American institutional investors. Its previous London investments have included 10-18 Victoria Street last year on behalf of North Carolina Retirement Systems for £76 million. The firm also owns 21 Tudor Street and 13 St Andrew Street in the city.
ING was the sole lender in the deal.