Tristan fund refinances east London office with £47m loan

A Tristan Capital Partners-managed fund has secured a £47m loan from Leumi UK and Delancey Real Estate to refinance a grade-A office in Stratford, east London. Leumi UK and Delancey have provided the loan to Core Plus Fund CCP IV for One Stratford Place, E20. The 127,000 sq ft property has a BREEAM Excellent rating and is part of the Westfield shopping centre near Stratford railway station. Leumi UK signed a £30m loan to Tristan, while Delancey provided a further £17m of mezzanine debt via its dedicated credit fund. Gez O’Sullivan, relationship director at Leumi UK, said: “Stratford remains a vibrant, well-connected area for businesses to operate from, and as such demand remains high for best-in-class offices, like One Stratford Place.” O’Sullivan added: “Leumi UK is striving to capitalise on the debt gap in the current market, providing loans to top-tier sponsors against well-performing, quality real estate assets.”  Martin Farinola, head of real estate debt strategies at Delancey, said: “This transaction furthers our commitment to financing high-quality real estate projects and sponsors such as Tristan Capital Partners.” Sam Harmon, director at Tristan Capital Partners, said: “We needed to choose a lender with a long-term outlook and expert knowledge of the sector – a brief that Leumi UK and Delancey matched.  “Their teams’ expertise, combined with their collaborative approach, has been instrumental in this partnership. We remain confident in the performance of high-class office assets in Stratford, an area which remains popular among businesses given its excellent connections and competitive rents.” Compare and explore the Stratford market >> Image courtesy of Montfort Communications