Tishman Speyer has sourced £75 million of finance from pbb Deutsche Pfandbriefbank to finance its acquisition of the Economist Plaza complex in central London.
The US investor bought the buildings, located in the St James’ area, for a reported £130 million in February. The complex is home to The Economist Group, which publishes The Economist magazine. Pbb has provided a medium-term acquisition facility.
The Economist Plaza comprises three mixed-use buildings totaling 81,000 square feet, arranged around a central plaza. The property incorporates three buildings; the Tower Building, the Bank Building and the Residential Building.
“We are delighted to have worked together with Tishman Speyer on this landmark transaction and continue our excellent relationship with them. The UK continues to be a core market for us and we are delighted to be able to support a pan-European highly valued customer,” said Charles Balch, head of real estate finance – international clients, UK & CEE at pbb.
“The acquisition of The Economist Plaza, which further expands Tishman Speyer’s portfolio in London, has been realised with the support of our long valued partner pbb Deutsche Pfandbriefbank. We have a very positive view of the London commercial real estate market and we look forward to repositioning this property as a best-in-class West End office destination,” said Dan Nicholson, head of UK at Tishman Speyer.