BLP acts for DekaBank Deutsche Girozentrale on a loan to a JV between Tishman Speyer and PSP Investments
International law firm Berwin Leighton Paisner (BLP) acted for DekaBank Deutsche Girozentrale in relation to its £60m loan to a joint venture between Tishman Speyer and PSP Investments, one of Canada’s largest pension investment managers.
The loan was used to finance the acquisition of Eland House, London, from Land Securities for around £170m. The building sits on Bressenden Place and is currently home to the Secretary of State for Communities and Local Government under a 25 year lease, with a current passing rent of £12.3m.
Berwin Leighton Paisner Real Estate Finance partner Naveen Vijh commented:
“Our advice to DekaBank Deutsche Girozentrale on this high profile transaction reinforces BLP’s position as a leader in the real estate finance field. We were pleased to advise such a prestigious client on this important transaction and look forward to continuing our relationship in the future. It also reinforces BLP’s commitment to the real estate finance market and our desire to continue acting for the leading organisations on the most challenging and complex transactions”.
Neveen Vijh led the team advising on the transaction, assisted by Leticia Pinamang and Jonathan Ufland. Damian Fleming advised on the real estate aspects; Amy Manchia and Linda Abad advised on the tax issues and Carl Schaffer advised on the hedging elements.
Julian Stocks, Managing Director, UK Tishman Speyer said:
“We are delighted with this latest addition to our London portfolio which follows recent purchases in Frankfurt and Paris. Eland House is a Grade A office building in a great location which will improve further as Land Securities develop their Victoria Circle Scheme”.
Mark Titcomb, Head of UK Real Estate Lending for DekaBank commented:
“We are extremely pleased to have been mandated by Tishman Speyer to open our 2012 UK lending activities with such a prestigious transaction. In addition to the skill set of Tishman Speyer as Sponsor, we were attracted to the financing by the robust nature of the income stream at Eland House and significant development activity which we feel will enhance the quality of the immediate environs to Eland House to the benefit of the property”.
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