Saïd Holdings has completed a £137.5m refinancing of the debt on its Canary Wharf office building, 5 Churchill Place.
The refinancing, structured as a four-year term loan, was provided by Citi and Bank of Ireland London. The 320,000 sq ft building was acquired by Saïd in January 2010, and ten floors are let to JP Morgan Markets until August 2029.
Michael Butt, chairman of Saïd, said: “We are pleased to have completed this important refinancing, and remain positive about the potential of first class commercial office buildings in London, like 5 Churchill Place. This building is let on a long lease to a world-class tenant and is a cornerstone of our real estate holdings.
“Saïd Holdings recently appointed Robin Broadhurst, the former chairman of the European division at JLL, to advise the board on the planned expansion of our global real estate activities.
“Banks and other financial and professional service providers recognise that London will remain a world centre for their businesses. We believe that 5 Churchill Place, together with the rest of the Canary Wharf area, will be even more attractive to businesses when Crossrail opens and the London City Airport expansion is completed.”
Saïd Holdings was advised on the refinancing by Rothschild Global Advisory.
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