METLIFE AND TH REAL ESTATE JOINTLY PROVIDE GBP 274.1 MILLION COMMERCIAL MORTGAGE LOAN FOR LANDMARK LONDON OFFICE PROPERTY
LOAN IS THE FIRST COLLABORATION IN EUROPE FOR THE TWO COMPANIES
LONDON, December 03, 2015
MetLife, Inc. (NYSE: MET) and TH Real Estate (acting on behalf of TIAA-CREF) announced today that they are jointly providing a commercial mortgage loan of GBP 274.1 million to a consortium of investors led by Gaw Capital Partners to finance the acquisition of a landmark office building complex in London’s West End.
MetLife is the lead investor, providing the borrower with GBP 149.5 million in financing. TIAA-CREF is advancing GBP 124.6 million. The term of the fixed-rate loan is 10 years. The loan has a 55 percent loan-to-value.
The property is located at 123 and 151 Buckingham Palace Road in the Victoria district of London’s West End. The properties, which are adjacent to each other, provide 480,000 sq.ft. of office space with retail offering at ground level.
“We are delighted to have provided another loan to Gaw Capital Partners and help them acquire this landmark West End investment property,” said Barry Worth, a director in MetLife’s London office. “We are also excited to collaborate on our first co-financed, fixed-rate loan in London with TH Real Estate advising TIAA-CREF.”
Christoph Wagner, Director of Debt Strategies at TH Real Estate said “We are very pleased to have seamlessly worked with MetLife’s highly experienced team to jointly deliver an attractive financing structure in a short timeframe to support Gaw Capital’s acquisition.”
Peng Han Lee of Gaw Capital Partners said “This is a rare and wonderful opportunity to re-unite such a large estate in a prime area of London’s West End after two decades of separate ownership. The ongoing regeneration of Victoria both North and South of the train station will only serve to further improve on the location and increase demand for a high quality office product. We are excited to implement our business plan to create a unique offering reflecting the Gaw Capital’s creative DNA and maximizing value for our investors.”
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
About TH Real Estate
TH Real Estate is an established investment management company, specialising in real estate equity and debt investment worldwide. As one of the largest real estate managers in the world, TH Real Estate has the scale, capital resources and knowledge to provide creative and effective real estate investment solutions for clients. With a focus on the retail, office, logistics, debt and multifamily residential sectors, TH Real Estate emphasises sustainable practices to protect assets and maximise their value.
The company is owned by TIAA-CREF, a US financial services and Fortune 100 company, with c.£550bn assets under management*. Launched in April 2014, TH Real Estate has a dedicated global presence with offices across America, Asia and Europe, representing c.£19.6bn* of real estate assets across c.50 funds and mandates. Together with TIAA-CREF’s US real estate assets, the global real estate platform of £58.7bn* represents one of the largest real estate investment management enterprises in the world.
Its products are managed by specialist teams, which apply their own experience to the management and style of their portfolios. Each team is supported by an experienced senior management team and integrated investment platform, including finance, debt and currency management, performance analytics, client service, fund and transaction structuring, development, sustainability and research. Visit www.threalestate.com.
* As at 30 September 2015
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities. C28282