31 July 2013
London, 31 July 2013 - Macquarie Real Estate Lending, part of Macquarie’s Corporate and Asset Finance Group, was the sole lender to GreenOak, a partner owned, real estate focused principal investing firm, for its acquisition of an office building in the City of London.
The building, a 40,000 square foot Grade II heritage listed building, will be refurbished when vacant with Macquarie’s loan remaining in place during the renovation. The five-year senior loan facility was structured with interest terms that will support the refurbishment and minimise costs after the current leases expire.
This is the second transaction in six months where Macquarie’s real estate lending team has partnered with GreenOak, having also providing funding for the acquisition of Whitechapel Estate in East London in early 2013.
Adam Joseph, Managing Director of European real estate lending said: “We were delighted to once again work with GreenOak on this acquisition. This transaction demonstrates our ability to execute deals within tight timeframes and with a level of flexibility that will allow GreenOak ample time to complete its business plans.”
John Carafiell, Co-founder of GreenOak commented: “Macquarie understands GreenOak's investment focus is off-market transactions in assets which have significant upside, but need repositioning, redevelopment and recapitalisation. That approach requires a relationship lender who understands our intensive asset management approach and is certain to deliver in a tight time frame.”
The acquisition follows a successful two and a half years for Macquarie Real Estate Lending, having closed a total of 12 transactions since entering the European real estate lending market in 2010. With a broad investment mandate, Macquarie Real Estate Lending provides bespoke finance solutions to companies operating across the full real estate spectrum including residential, retail, light industrial, data centres, office and hotels.
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Macquarie Group (Macquarie) is a leading provider of banking, financing, advisory, investment and fund management services. The Group has offices in all major financial centres. Founded in 1969, Macquarie employs more than 13,600 people in 28 countries. At 31 March 2013, Macquarie had assets under management of €282 billion.
Part of the Group’s Corporate and Asset Finance business, Macquarie Lending has more than 80 dedicated investing and lending professionals globally. With offices in London, New York, Chicago, Sydney and Singapore, Macquarie Lending is committed to providing innovative and tailored solutions to clients around the world, across industries including energy and infrastructure, real estate, retail and the telecoms sector.