Nuveen Real Estate and DekaBank have recently acted as joint arrangers of a £285 million, eight-year loan secured on 3 and 4 Pancras Square, two Grade A office buildings located in King’s Cross, London. Nuveen Real Estate and DekaBank jointly provided the financing to a subsidiary of the King’s Cross Central Limited Partnership (KCCLP), a joint venture between AustralianSuper and Argent (King’s Cross).
3 and 4 Pancras Square were completed in 2016 and 2017 respectively, providing nearly 400,000 sq ft of BREEAM-rated ‘Excellent’ office and retail accommodation. They are currently let long-term to Universal Music and Havas, both subsidiaries of Vivendi. The properties are located at the southern gateway of King’s Cross Central, a 67-acre site, which is being developed by Argent on behalf of KCCLP to provide in excess of 3.9 million sq ft of commercial space, 2,000 residential units and a campus for the University of Arts London.
The transaction represents Nuveen Real Estate’s first financing to KCCLP and extends DekaBank’s existing relationship following the provision of a £152 million loan facility secured on 1 and 2 Pancras Square in October 2017.
Jason Rodrigues at Nuveen Real Estate commented: “We are delighted to have been able to work with Argent, KCCLP and DekaBank to provide a long-term financing solution to KCCLP. We continue to expand our lending platform, and this transaction complements our existing core portfolio.”
Chris Bennett at DekaBank commented “The financing of 3 and 4 Pancras Square provided the opportunity to build on our existing lending relationship to Argent and KCCLP and to establish a new relationship with Nuveen Real Estate. The loan underlines our continued commitment to core central London office financing opportunities.”
DekaBank is the Wertpapierhaus (securities services provider) of the German Savings Banks Finance Group. Together with its subsidiaries it forms Deka Group, which has total customer assets of around EUR 306 billion (as at 30/09/2019) and around 4.7 million securities accounts, making it one of the largest securities services providers and real estate asset managers in Germany. It provides retail and institutional clients access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe and designs its portfolio of products and services to meet the requirements of its shareholders and sales partners in the securities business.