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TH Real Estate secures new €231m debt financing for European office portfolio

TH Real Estate has secured a new €231m debt financing on behalf of the Cityhold Office Partnership – a €2.2bn pan-European office vehicle.

The new 18 month facility has been provided by ING, an existing lender for TH Real Estate throughout Europe, on competitive terms.

Created in 2015, the Cityhold Office Partnership’s initial platform comprises 2.69m sq ft (250,000 sq m) of core office space across the UK, France and Germany. The current portfolio includes landmark assets, such as 12-14 New Fetter Lane and One Kingdom Street in London, Tour Areva in Paris, and Atlantic Haus in Hamburg. It is committed to building a c.€4bn office portfolio.

The new debt facility will be allocated over six of the existing assets.

Colin Throssell, Head of Treasury, TH Real Estate, comments: “We have worked extensively with ING in the past and they have proved to be a great partner in executing this cross border, complex transaction. Ultimately the loan has been designed and executed so as to allow the successful launch of the Cityhold Office Partnership with competitive debt arrangements, boosting investors’ returns, but on a term and security basis that does not restrict the partnership’s longer-term, broader financing strategy. We look forward to engaging with all of the potential financing partners on the next stage of the project.”

Jasper Gilbey, Director at TH Real Estate and lead adviser of the investment vehicle, adds: “The competitive terms of the new facility are credit to our strong relationship with ING and the high quality of the underlying assets and tenant base. Our ambitions are to grow assets under management in the Cityhold Office Partnership from c€2.2bn to €4bn+ over the next 36 months and, in parallel, we will seek to implement a more holistic long-term debt solution to facilitate our investment programme.”

Andrea Patti of ING Real Estate Finance says: “This is the result of a long and complex process to assist TH Real Estate during the establishment of the newly-built Cityhold Office pan-European investment platform. In providing this type of tailored financing solution, we are pleased to have assisted an important client like TH Real Estate in the development of its ambitious investment and debt capital market pipeline.” 

Issued by Henderson Real Estate Asset Management Limited, 201 Bishopsgate, EC2M 3BN. Authorised and regulated by the Financial Conduct Authority. TH Real Estate is a name under which Henderson Real Estate Asset Management Limited provides investment products and services. The value of investments and any income will fluctuate (this may be partly be the result of exchange rate fluctuation) and investors may not get back the full amount invested. Where opinions have been expressed, they are based on current market conditions and are subject

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