Crédit Agricole finances Perella’s One Poultry with £77m senior loan

Crédit Agricole CIB has financed Perella Weinberg Partners’ acquisition of One Poultry in the City of London with a £77m three-year senior loan.

Credit AgricoleA subsidiary of Perella Weinberg Real Estate Fund II LP acquired One Poultry from private investor Michael Feldman for approximately £110m initially on an all-cash basis at the end of April.

Additionally, Crédit Agricole is expected to agree a capex facility with Perella which is expected to be earmarked for a possible refurbishment dominant tenant, Aviva, leaves the office at the end of its lease in September 2015.  

CoStar News understands that Crédit Agricole has closed a £95m senior loan secured by a large London retail asset which is expected to be confirmed tomorrow.

One Poultry also comprises a retail parade below the office space, home to names such as Crabtree & Evelyn, Gap, Starbucks and Austin Reed among others.  Other office tenants in the property include Advantage Business Systems, occupying 10,000 sq ft, Royal Bank of Canada, in 7,500 sq ft, and Alderwick Consulting.

The top floor is let to French restaurant Coq d’Argent, set on a rooftop terrace which featured in the opening ceremony of the 2012 Olympic Games in a sequence which saw Daniel Craig as James Bond transport Queen Elizabeth II to the Olympic Stadium by helicopter.

The One Poultry senior loan for Perella is Crédit Agricole’s sixth this year, which  including a £100m participation in Capital & Counties’ £665m revolving credit facility (RCF); a sub £50m participation in British Land’s £785m RCF; an equal share of the £60m refinancing of Almacantar’s CAA House.

In March, Crédit Agricole participated in Belmond’s dual currency $657m senior secured facility as senior co-manager under the $552m “Term Loan B” and the additional $105m RFC.  Belmond is the new brand of Orient-Express Hotels.

Crédit Agricole’s UK real estate lending team is headed by managing director Anne Toledano, who succeeded Neal Ledger last September after his move within the bank to Hong Kong.  CA-CIB runs a global real estate lending platform across nine countries including the US, Singapore, Hong Kong, Tokyo, Australia, the UK, Italy, Spain and France.

Last month Real Estate Capital reported that Deutsche Bank and Crédit Agricole were together looking to refinance and securitise an existing Crédit Agricole originated £550m senior loan secured by Westfield Stratford, the East London shopping centre.

Westfield Stratford is owned by Westfield, Canada Pension Plan Investment Board and APG, the Dutch pension fund manager.

jwallace@costar.co.uk

About CoStar News

Finance Editor, CoStar News
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