HFF Advises Seaforth Land in £90.8M Acquisition Loan from Blackstone for CAA House, London
08 May 2018 - 6:17AM
Business Wire
HFF Real Estate Limited (HFF) announces the £90.8 million
acquisition financing of CAA House, two interconnected office
buildings totaling 222,269 square feet in London’s Covent Garden,
Midtown submarket.
The HFF team worked on behalf of the borrower, Seaforth Land
Holdings Limited, to secure the five-year loan through Blackstone’s
Real Estate Debt Strategies division. In conjunction with this
acquisition loan, Blackstone is also extending financing toward the
refurbishment of the property.
CAA House comprises two buildings at 1 Kemble Street and 45-59
Kingsway that are connected via a two-story link bridge on the
first and second floors. Originally developed as “Space House” in
1969, the properties were listed in 2015 as “Grade II” by English
Heritage. 1 Kemble Street is a 16-storey, 138,556-square-foot
building and 45 Kingsway has 62,607 square feet within eight
storeys. The property offers parking for 22 vehicles and common
basements offering 21,106 square feet of ancillary accommodation.
Located in the dynamic Covent Garden submarket, CAA House is close
to many of London’s iconic entertainment and cultural offerings,
including Leicester Square, Soho, Covent Garden Piazza, Royal Opera
House, Somerset House, the British Museum and the Theatre District.
Additionally, Covent Garden has become a world-renowned shopping
and leisure destination attracting more than 45 million visitors
per year. CAA House is well served by transport being situated
close to Holborn, Covent Garden and Temple tube stations as well as
the new Elizabeth Line station at Tottenham Court Road set to open
this year.
Tyler Goodwin, CEO of Seaforth Land, comments: “As a value
investor and a fiduciary, Blackstone’s facility helps us generate a
compelling risk adjusted return while maintaining a conservative
loan to value ratio. Blackstone and HFF have been a pleasure to
work with, particularly given the exceptionally competitive market
for this off-market transaction. They immediately recognised our
vision for place-making with unique and creative office and retail
space. We’re looking forward to returning ‘Spacehaus’ to the London
office market as a celebration of mid-century modern Brutalist
architecture.”
Michael Zerda, Managing Director and Head of Europe for
Blackstone Real Estate Debt Strategies, said: “This transaction is
an excellent example of Blackstone’s ability to provide senior
loans against high quality real estate, in support of high calibre
borrowers at competitive terms. CAA House is a prominent landmark
in London’s Covent Garden, and Seaforth Land sought a low-leverage
yet flexible lending solution which fits squarely within our
investment parameters.”
The HFF debt placement team included senior managing director
Michael Kavanau and managing director Edward Daubeney.
About Seaforth Land Holdings
Limited
Seaforth Land is a real estate operating partner for
professional and institutional investors. We focus exclusively on
Central London commercial property investing across the risk-return
spectrum while placing a priority on delivering superior
net-to-investor returns with fiduciary care. Seaforth’s in-house
capabilities start with proprietary macro and micro research and
cover the entire asset lifecycle, from acquisitions, asset
management, planning, design, development and dispositions. Our
specialisation, world-class team, and in-depth market knowledge
gain us access to off-market investments and help us to make better
informed investment decisions for our own capital and that of our
partners.
About Blackstone
Blackstone (NYSE: BX) is one of the world's leading investment
firms. Blackstone seeks to create positive economic impact and
long-term value for its investors, the companies it invests in, and
the communities in which it works. Blackstone does this by using
extraordinary people and flexible capital to help companies solve
problems. Blackstone's asset management businesses, with over $450
billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all
on a global basis. Further information is available at
www.blackstone.com. Follow Blackstone on Twitter @Blackstone.
About HFF
HFF and its affiliates operate out of 26 offices and are a
leading provider of commercial real estate and capital markets
services to the global commercial real estate industry. HFF,
together with its affiliates, offers clients a fully integrated
capital markets platform, including debt placement, investment
advisory, equity placement, funds marketing, M&A and corporate
advisory, loan sales and loan servicing. HFF, HFF Real Estate
Limited, HFF Securities L.P. and HFF Securities Limited are owned
by HFF, Inc. (NYSE: HF). For more information, please visit
hfflp.com or follow HFF on Twitter @HFF.
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version on businesswire.com: https://www.businesswire.com/news/home/20180507006074/en/
HFFMICHAEL KAVANAU, 44-020 7509 6700HFF Senior
Managing Directormkavanau@hfflp.comorEDWARD DAUBENEY, 44-020
7509 6700HFF Managing Directoredaubeney@hfflp.comorKRISTEN
MURPHY, (617) 338-0990HFF Director, Public
Relationskrmurphy@hfflp.comorEdelmanANNABEL
TURBUTT-DAY, 44-020 3047 2370Associate
DirectorAnnabel.turbutt-day@edelman.com
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