Landesbank Baden-Württemberg is targeting at least £500m of new UK lending this year. LBBW hired John Coles from Santander last summer to restart lending, and since the start of the year the German bank has made three, bilateral loans, totalling close to £250m.
Two are against London offices where the bank is said to have offered very competitive pricing. The third is a £75m refinancing at just under 50% loan to value of three offices for UK and US private property company Epic.
The portfolio includes two outside London – 125 Colmore Row in Birmingham; and 22-25 Queen Square in Bristol – as well as a building in Mayfair’s Burlington Gardens. However, LBBW is focused most tightly on the London office and retail markets. Epic, run by the Elghanayan family, is a former client of Coles.