Refinancing package agreed for Bridgewater Place
THE ORGANISATION that operates the commercial interests at the building which has been dubbed Yorkshire’s only skyscraper has agreed a refinancing package.
Barclays Commercial Bank in Yorkshire acted as sole arranger for the new senior debt facility for CPPI Bridgewater Place (CPPI), which owns the commercial interests of the 32-storey Bridgewater Place building in Leeds city centre.
Jones Lang LaSalle Corporate Finance acted for CPPI.
The deal enabled CPPI to refinance existing debt facilities and benefit from additional funding.
The original development, which was completed in April 2007, was a joint venture between Landmark Development Projects and St James Securities. It consists of 234,000 sq ft of office space and 16,000 sq ft of retail space.
Occupiers include law firms Eversheds and DWF, accountancy firms Ernst & Young and BDO Stoy Hayward and Standard Life, Operon and Jemella Group, the company behind the successful ghd hair straightener brand.
The complex’s retail units house tenants including Tesco Express, Starbucks and Philpotts.
Annual rental income from the commercial and retail interests is around £6.3m.
The financial package for CPPI was arranged by Jane Armitage, senior relationship director at Barclays Commercial Bank in Yorkshire along with Jayne Dickens and Sharon Fournier-Shelton of Barclays Property Structured Finance. The Leeds office of law firm Hammonds advised Barclays.
Ms Armitage, senior relationship director at Barclays Commercial Bank, said: “Barclays is delighted to continue its support of Bridgewater Place. The original construction development changed both the landscape and commercial vision of Leeds city centre and CPPI has been rewarded with high quality tenants.
“We are pleased to extend and increase our support to CPPI despite the difficult financial conditions, recognising the importance of Bridgewater Place, within the commercial community.
“This support is a reflection of Barclays’ continued commitment to the Northern property market.”
The building also has more than 200 apartments developed by city living company K W Linfoot.
