Crédit Agricole CIB has closed a £95m three-year senior loan which refinances Tribeca Holdings and Pramerica’s joint venture acquisition of an Oxford Street block.
Crédit Agricole CIB underwrote the senior financing, which includes a £15m capex facility, and also acted as facility agent, security trustee and hedging nank. Prudential Capital Plc participated in the facility. Pramerica retain a preferred equity interest.
Based on the £127m purchase price, the £95m senior loan reflects a 74.8% LTV. However, excluding the capex facility, the LTV falls to 63%.
Tribeca Holdings sponsored the acquisition of the 58,608 sq ft mixed-use leasehold property located opposite Selfridge’s on Oxford Street with the strategy to refurbish and reposition it and turn it into a leading retail destination.
Tribeca, which specialises in the Luxury property sector, intends to reposition the block to attract upmarket tenants. Refurbishment of the block began in April.
Anne Toledano, head of real estate and hotel group, Crédit Agricole CIB, UK, said: “Crédit Agricole CIB was very pleased to arrange this refinancing for Tribeca Holdings and Pramerica, a global client of the Bank, and lend against a prime location Victorian buildings on Oxford Street with great repositioning potential.”
Andrew Macland, head of UK and portfolio manager at Pramerica, said: “Tribeca Holdings identified the highly reversionary nature of this asset, and with some clever repositioning, are well on their way to significantly improving the income.
“The transaction needed careful structuring to allow us to realise the full potential of this prime Oxford Street Estate and we are really pleased to further our global relationship with Crédit Agricole CIB.”
Last week, CoStar News reported that Crédit Agricole CIB financed Perella Weinberg Partners’ acquisition of One Poultry in the City of London with a £77m three-year senior loan.