Private equity group in talks for £500M refinancing package

Private equity group in talks for £500M refinancing package


Exclusive talks move one step further towards completing what is set to be one of the largest office refinancings of its kind since the credit crisis.

Westbrook – the US private equity group – is in exclusive talks with Deka Bank and ING bank regarding a new financing package for Shell-Mex House in the West End.

They purchased the 550,000 sq ft block from Robert and Vincent Tchenguiz, David and Simon Reuben and Jack Dellal at the height of the property boom for £500million, and they are attempting to secure £350million from the banks as part of a refinancing project.

There was competition from numerous banks to fund the refinancing deal which demonstrates the fact that banks are still willing to lend on top-tier London properties despite the economic downturn.

17 Columbus yard in Canary Wharf - owned by Brian and Mary O’Donnell, the Irish property investing couple that owe £570 million to banks from all over the world - has just been refinanced in a £107 million deal with Metlife, who have also just refinanced a property portfolio owned by London & Stamford last week.

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