The private owner of the 5 Churchill Place office building in London’s Canary Wharf has agreed a refinancing of the property with Citi and Bank of Ireland.
Bermuda-registered Saïd Holdings, which is owned by UK businessman Wafic Saïd, agreed a four-year, £137.5 million refinancing of existing debt held against the 12-storey building.
Rothschild Global Advisory advised Saïd Holdings in the deal. The 320,000 square foot building was bought by Saïd Holdings in January 2010 for a reported £208 million. Ten floors are let until August 2029 to JP Morgan Markets Limited.
The building, which was completed in August 2009, had been pre-let to Bear Sterns in 2006, before its 2008 collapse and subsequent takeover by JP Morgan.
“We are pleased to have completed this important refinancing, and remain positive about the potential of first class commercial office buildings in London, like 5 Churchill Place. This building is let on a long lease to a world-class tenant and is a cornerstone of our real estate holdings,” said Michael Butt, chairman of Saïd Holdings.
Butt added that Saïd Holdings recently appointed Robin Broadhurst, the former chairman of the European division at Jones Lang LaSalle, to advise its board on the planned expansion of its global real estate activities.
“Banks and other financial and professional service providers recognise that London will remain a world centre for their businesses. We believe that 5 Churchill Place, together with the rest of the Canary Wharf area, will be even more attractive to businesses when Crossrail opens and the London City Airport expansion is completed,” continued Butt.
Saïd Holdings was founded in 1987 by Wafic Saïd. It invests in quoted equities, fixed income, alternative investments, private equity and real assets.