Bermuda-registered Saïd Holdings has sourced a $100 million (€85.42 million) standby debt facility from US asset manager Northern Trust.
The facility will allow Saïd Holdings, owned by UK businessman Wafic Saïd, to increase its flexibility in financing future investment opportunities.
“Our board wanted to have the added flexibility to move quickly on new real estate and direct equity opportunities. This facility will enhance the group’s ability to develop in those areas,” said Michael Butt, Saïd Holdings’ chairman.
In March, Saïd Holdings agreed a four-year, £137.5 million (€151 million) refinancing of existing debt held against the 5 Churchill Place office building in London’s Canary Wharf. The debt facility to refinance the 12-storey building was provided by Citi and Bank of Ireland.
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 JPMorgan Markets Limited.
Earlier this year, Saïd Holdings 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.
Saïd Holdings was founded in 1987 by Wafic Saïd. It invests in quoted equities, fixed income, alternative investments, private equity and real assets.