Deutsche AM and pbb provide £69m refinancing for Mayfair building

Deutsche Asset Management (Deutsche AM) and pbb Deutsche Pfandbriefbank (pbb) have provided a £69m facility to Aerium for the refinancing of its mixed-use building on the corner of Conduit Street and Savile Row in London’s Mayfair.

The senior facility of £44m was provided by pbb while Deutsche AM provided a mezzanine facility of £25m on behalf of BVK, a German pension fund.

The transaction closed in May 2017.The building, which was redeveloped by Aerium in 2015, sits at 49/51 Conduit St & 24 Savile Row in London’s West End.

Within there, the 7,990 sq ft retail unit is let to the Italian luxury clothing designer Dsquared2 and serves as its flagship UK store. The upper floors offers 22,013 sq ft of Grade A office accommodation which is fully let to a variety of tenants.

Charles Balch, head of international clients for UK & CEE at pbb, said: “pbb is delighted to have worked alongside both Aerium and Deutsche AM to finance this prime Mayfair property. The transaction reflects a willingness to back the right property and to offer attractive senior financing solutions to our clients alongside lending partners such as Deutsche Asset Management.”

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