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Metlife and TH Real Estate jointly provide £274.1m commercial mortgage loan for landmark London office property

UK Enhanced Debt Fund

MetLife, Inc. (NYSE: MET) and TH Real Estate (acting on behalf of TIAA-CREF) announced today that they are jointly providing a commercial mortgage loan of £274.1m to a consortium of investors led by Gaw Capital Partners to finance the acquisition of a landmark office building complex in London’s West End.

MetLife is the lead investor, providing the borrower with £149.5m in financing. TIAA-CREF is advancing £124.6m. The term of the fixed-rate loan is a 10 years. The loan has a 55% loan-to-value.

The property is located at 123 and 151 Buckingham Palace Road in the Victoria district of London’s West End. The properties, which are adjacent to each other, provide 480,000 sq.ft. of office space with retail offering at ground level.

"We are delighted to have provided another loan to Gaw Capital Partners and help them acquire this landmark West End investment property," said Barry Worth, a director in MetLife’s London office. "We are also excited to collaborate on our first co-financed, fixed-rate loan in London with TH Real Estate advising TIAA-CREF."

Christoph Wagner, Director of Debt Strategies at TH Real Estate said "We are very pleased to have seamlessly worked with MetLife’s highly experienced team to jointly deliver an attractive financing structure in a short timeframe to support Gaw Capital’s acquisition."

Peng Han Lee of Gaw Capital Partners said "This is a rare and wonderful opportunity to re-unite such a large estate in a prime area of London’s West End after two decades of separate ownership. The ongoing regeneration of Victoria both North and South of the train station will only serve to further improve on the location and increase demand for a high quality office product. We are excited to implement our business plan to create a unique offering reflecting the Gaw Capital’s creative DNA and maximizing value for our investors."

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 to change without notice. Where opinions have been expressed, they are based on current market conditions and are subject to change without notice.

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