Derwent London - new long-term secured funding with Cornerstone Real Estate Advisers

  • 03 Aug 2012

Slaughter and May has advised Derwent London plc ('Derwent London') on a new £83 million 12 year secured debt facility with Cornerstone Real Estate Advisers ('Cornerstone'), a member of the MassMutual Financial Group. This new loan is the last component of a £575 million refinancing of Derwent London group facilities (which included a convertible bond issue) on which Slaughter and May also advised.

This new loan also follows on from the successful £175 million convertible bond issue in June 2011 and provides further diversification of funding sources for Derwent London.

The loan is secured on two wholly owned properties in Fitzrovia within London's West End: a 147,900 sq ft office building at 8 Fitzroy Street, W1, which is fully leased to leading international engineering and design group, Arup; and a multi-tenanted block at 120-134 Tottenham Court Road W1, which extends to Warren Street and Grafton Way and incorporates the 330 room Grafton Hotel.

Cornerstone is a member of the Mass Mutual Financial Group and this represents their first real estate lending transaction in the UK.

Derwent London plc is the largest central London focused REIT with an investment portfolio of £2.6 billion as at 31 December 2011.

Cornerstone Real Estate Advisers LLC is one of the world's top ten largest real estate investment advisers. It provides core and value-added investment and advisory services.

Cornerstone and MassMutual were advised by DLA Piper. 




Financing: Matthew Tobin (partner), Tess Kelly (associate), Ivo Stourton (associate); Real Estate: Jane Edwarde (partner), Gemma Goddard (associate), Roopa Modi (associate); Tax: William Watson (partner), Michael Ringer (associate), Edward Swift (associate)

DLA Piper: Toby Barker (partner and London Head of Real Estate Finance), Rachel Orton (associate)

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