DekaBank and Helaba have lent £66m to finance Oxford Properties’ £115m purchase of St Martins Court. The five-year senior loan was jointly underwritten, each bank taking an equal share.
The 106,218 sq ft office block at 10 Paternoster Row is let to CBRE for the next 10 years and the loan-to-value ratio reflects “the quality of the asset and the calibre of the sponsor, which is hard to find”, said a person who worked on the deal. Deka and Helaba were joint arrangers. Deka was also agent on the deal.
Oxford Properties is already a client of Deka’s; the bank financed its acquisition of a 50% stake in Beacon Capital’s MidCity Place. Deka is also refinancing London’s Savoy Hotel, with Credit Agricole, for Prince Alwaleed bin Talal.