Deutsche out as Martley refis Mailbox
Richard Croft’s Martley Capital Group has secured £90m of fresh debt to refinance the troubled Mailbox development in Birmingham.
The firm has secured £90m of debt, including £65m from lender Leumi UK, with the remainder made up through the issuance of a loan Mailbox REIT’s investors.
The 700,000 sq ft Mailbox was put up for sale by M7, the business Croft sold to Oxford Properties in January 2021, last November for £120m as lender Deutsche Bank sought to recoup its £108.5m of debt on the building.
Richard Croft’s Martley Capital Group has secured £90m of fresh debt to refinance the troubled Mailbox development in Birmingham.
The firm has secured £90m of debt, including £65m from lender Leumi UK, with the remainder made up through the issuance of a loan Mailbox REIT’s investors.
The 700,000 sq ft Mailbox was put up for sale by M7, the business Croft sold to Oxford Properties in January 2021, last November for £120m as lender Deutsche Bank sought to recoup its £108.5m of debt on the building.
The property was the only asset in Mailbox REIT, which was forced to delist from the now-defunct IPSX, a proposed new real estate stock exchange that was forced to wind down after a lack of interest.
Martley’s refinancing of the debt means the sale of Mailbox has now been cancelled. JLL was advising.
The Mailbox is let to a variety of retail and office tenants, with the BBC being its largest tenant by income, paying £2.1m per annum in rent – some 23% of the total income on the building.
BBC plans to relocating from the building to the former Typhoo Tea Factory in the city’s Digbeth area once the development is complete.
Image from Mailbox ReiT
