London senior deals top £100m for Germany’s LBBW

Landesbank Baden-Wurttemberg (LBBW) has written more than £100m of senior loans in three London deals in the past two months. The largest is for Cornerstone Real Estate Advisers’ acquisition, for a client, of Nexus Place at 25 Farringdon Street, EC4. LBBW provided a bilateral loan for Cornerstone’s £130m acquisition of the City building from Tishman Speyer.

Like 200 Aldersgate, Nexus is near the new Farringdon Crossrail interchange, which opens in 2019. Craig Prosser, LBBW’s London-based originator, said:  “We focus on sponsor, asset, structure and providing a high level of customer service. We’re pleased to be financing a premier property with a strong sponsor.”

Meanwhile, Cornerstone’s Nordic Retail Fund has sold a 50% share in Kamppi shopping centre in Helsinki to Allianz for about €210m. Charles Weeks, Cornerstone’s European CEO, said the asset had accounted for as much as 45% of the fund.

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