Real Estate has backed Hao Tian Asia Investment Company with a 拢83m (鈧�94.7m) loan to help fund an office building acquisition in London.
The real estate investment manager said it has provided the finance, on behalf of an institutional investor, to support the acquisition of the Corn Exchange at 55 Mark Lane.
The seven-year fixed-rate first mortgage loan represents a loan-to-value of 65%, Barings said.
Early this year, the Hong Kong financial services firm Hao Tian agreed to buy the Corn Exchange in the City of London for 拢130m.
Situated in the heart of the city, the fully let property comprises around 161,689sqft of grade A office, retail and ancillary accommodation over ten floors, including a basement level.
Chris Bates, the head of real estate core mortgage in Europe at Barings, said: 鈥淭his significant loan has enabled the purchase of a high-quality asset in a prime City office location with strong covenants and the potential for rental growth.
鈥淲e remain confident in the outlook for London and its attractiveness for international business, as evidenced through this transaction. We look forward to building on recent momentum to grow our lending platform.鈥�
