Barings provides GBP83m loan for acquisition of 55 Mark Lane in London
Barings Real Estate has provided, on behalf of an institutional investor, a GBP83 million loan to support the freehold acquisition of 55 Mark Lane in the City of London by Hao Tian Asia Investment Company Limited.
The seven-year fixed-rate first mortgage loan represents a loan-to-value of 65 per cent.
The property comprises c.161,689 sq ft of grade A office, retail and ancillary accommodation over ten floors, including a basement level. The asset, which is fully let, is occupied by eight office tenants. The property is situated in the heart of the City and benefits from excellent transport links with both Fenchurch Street Overground rail station and Tower Hill tube station within a short walking distance.
Chris Bates, Head of Real Estate Core Mortgage Europe at Barings, says: “This significant loan has enabled the purchase of a high quality asset in a prime City office location with strong covenants and the potential for rental growth. We remain confident in the outlook for London and its attractiveness for international business, as evidenced through this transaction. We look forward to building on recent momentum to grow our lending platform.”