Barings secures £57m financing for Landmark scheme
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Barings Real Estate has secured a £57.5m three-year senior loan from LaSalle, the global real estate investment manager, to support the ownership of Landmark at St Peter’s Square, Manchester.
The loan refinances existing borrowings and supports Barings’ continued leasing strategy for the property.
The 180,000 sq ft, Grade A office building was delivered in 2020 and is leased to a number of large corporate occupiers, including JLL, Grant Thornton, HSBC and Allianz.
The building is one of the most sustainable developments in the Manchester office market with BREEAM ‘Excellent’ and EPC ‘A’ ratings.
Daniel Köhler, director, Head of Real Estate Treasury, Europe at Barings said: “We are pleased to have secured financing from LaSalle’s Debt Investments platform as we continue to realise our ambition for Landmark to set a new benchmark for best-in-class and sustainable office space in Manchester.
“LaSalle offered a debt package that demonstrated both flexibility and a deep knowledge of the real estate market – both of which are crucial for the value-add and core+ opportunities for which we often seek finance as part of our investment strategy.”
The LaSalle Debt Investments platform has over €4bn of lending capacity and provides a broad spectrum of funding solutions to its borrowers, including senior loans, development finance, acquisition lines and corporate facilities.
Richard Craddock, managing director within LaSalle’s Debt Investments platform, added “We are delighted to have supported Barings through this financing.
“We remain strong supporters of the office sector, particularly for assets with best-in-class ESG credentials located in core markets such as Landmark.”
The loan was provided through LaSalle’s €1bn senior loan program which provides “balance sheet” senior secured real estate loans, without need of syndication or loan-on-loan financing.