Clivedale secures Deutsche AM loan on Hanover Square asset

Deutsche Asset Management has closed a £55m financing to super-prime property developer Clivedale secured against 22 Hanover Square in Mayfair, London.

The financing will allow for the implementation of the planning permission to build a 5-star boutique hotel, apartments and ground floor retail at the property.

Andrea Vanni, head of European real estate debt investments at Deutsche AM, said: “We are pleased to continue our relationship with Clivedale into the next stage of the redevelopment of 22 Hanover Square.”

Proposals to demolish the 1920s Mayfair office building to make way for a Rogers Stirk Harbour & Partners-designed boutique hotel and flats development were approved by Westminster city council planning committee in February.

As part of the approval, planning committee members also approved the use of £2m out of a total £9.5m in Section 106 planning obligation contributions for public realm improvements to Hanover Square.

Deutsche AM’s European real estate debt business held €1.25bn in assets under management as of July 2017.

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