Wells Fargo Finances Brookfield’s Acquisition of Moor Place
06 March 2015 - 8:00PM
Business Wire
Wells Fargo & Company (NYSE:WFC) today announced an £138
million ($216 million USD) acquisition loan for Brookfield Property
Partners (NYSE; BPY.UN: TSX) to support the purchase of Moor Place,
a 226,000 square-foot office building in the City of London.
“Wells Fargo is delighted to continue our relationship with
longtime customer Brookfield through the financing of Moor Place,”
said Shaun Connery, a director in Wells Fargo’s UK Commercial Real
Estate team. “Brookfield needed a financing consistent with the
short acquisition timetable, and we were confident that we could
meet the deadline.”
“Our commercial real estate team has worked with Brookfield
extensively both in North America and the UK, and this was an
opportunity to continue our support on their latest acquisition in
London,” added Michael Acratopulo, managing director of Origination
for Wells Fargo’s UK Commercial Real Estate team.
Moor Place is adjacent to Brookfield’s London Wall Place
development, for which Wells Fargo was the lead arranger of a
previously announced £273 million ($427 million USD) development
facility. At the acquisition and financing, the Moor Place building
was mostly vacant, but there was strong confidence in Brookfield’s
capability to lease up the space.
The transaction closed on a fully underwritten basis, and Wells
Fargo has subsequently sold down half of the commitment. This
follows syndicated loan activity in 2014 that included transactions
for Intu on the St David’s shopping center and for Threadneedle
Property in respect of their Strategic Property Fund IV. The Moor
Place syndication closed mid-February.
Serving both our corporate and commercial customers throughout
Europe, Wells Fargo’s primary European business lines include
Global Financial Institutions, Global Banking, Global Transaction
Banking, Capital Finance, Commercial Real Estate, Corporate Trust,
Asset Management, and Investment Banking and Capital Markets.
About Wells Fargo Commercial Real Estate
Wells Fargo’s Commercial Real Estate group provides a
comprehensive set of banking and financing solutions to experienced
owners, operators and developers, real estate investment funds and
real estate investment trusts (REITs). Wells Fargo’s Commercial
Real Estate group is part of a broad integrated platform that
includes lending, syndications, debt placement, equity raising and
underwriting, mergers and acquisitions, and a servicing platform.
For more information about Wells Fargo’s commercial real estate
platform visit: www.wellsfargo.com/realestate.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide,
diversified, community-based financial services company with $1.7
trillion in assets. Founded in 1852 and headquartered in San
Francisco, Wells Fargo provides banking, insurance, investments,
mortgage, and consumer and commercial finance through more than
8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com),
and has offices in 36 countries to support customers who conduct
business in the global economy. With approximately 265,000 team
members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 29 on Fortune’s
2014 rankings of America’s largest corporations. Wells Fargo’s
vision is to satisfy all our customers’ financial needs and help
them succeed financially. Wells Fargo perspectives are also
available at Wells Fargo Blogs and Wells Fargo Stories.
Wells Fargo & CompanyShelley Beason,
1-704-715-2471shelley.beason@wellsfargo.commobile:
1-980-307-9583@shelleybeasonWF
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