Fiera Real Estate Debt Strategies, part of Fiera Capital Corporation, has provided a £40.8m senior debt facility to a joint venture (JV) between SIGNAL and W.RE for the acquisition and refurbishment of 10 Lime Street, a 54,611 sq ft office building in the City of London.
SIGNAL and W.RE bought 10 Lime Street from global reinsurer SCOR.
The finance will help with the purchase and a full refurbishment of the building, which was first completed in 2009.
The plans will upgrade the building to Grade A, with improved design, amenities and sustainability standards.
W.RE will act as development manager.
The building sits within the Insurance Triangle, opposite the Lloyd’s building and next to Leadenhall Market.
Vacancy rates for Grade A offices in the City of London are reported to be below 2%.
Richard Howe, managing director and co-head of european real estate debt at Fiera Real Estate, said: “This facility is another excellent addition to our growing loan book, which has a disciplined focus on lending against defensive real estate, leading sponsors and sectors where supply-demand dynamics are most attractive.
“We are thrilled to continue our relationship with W.RE and establish a new one with SIGNAL.”
Colman McCarthy, partner, real estate investment at SIGNAL, said: “We are pleased to have the support of Fiera on this transaction and would like to thank them for their professionalism and commitment throughout the process.
“Their facility positions us well to deliver a best-in-class refurbishment at 10 Lime Street, enhancing the building’s amenity and sustainability credentials and strengthening its appeal amid strong demand for prime office space.”
Andrew Haines, COO at W.RE, said: “It was great to work with the Fiera team again on the acquisition of 10 Lime Street.
“Their continued support is a strong vote of confidence in our plans for 10 Lime Street and in our ability to deliver exceptional projects.
“This was our second financing with Fiera, and once again they were efficient and commercial, which was essential to meet the transaction’s tight timeframe.”
Haines added: “We are looking forward to working with Fiera in the coming months as we deliver more sustainable, best-in-class spaces across London.”
