17 February 2017
London
Reporter: Theo Andrew
Hermes provides £29 million to joint venture
Hermes Investment Management (IM) has provided a €29 million loan to joint venture Thor Equities and Chenavari Investment Managers (IM), funding their acquisition of 145-155 Wardour St, London.

It is the third financing deal Hermes IM has provided the joint venture, following the financing of two central London properties, 145 Oxford St and Dover St, last year.

The loan is made up of an acquisition tranche and capex tranche to support the refurbishment and leasing plans of the joint venture.

Hermes IM has now invested £360 million in the UK real estate senior debt market across 14 loans.

Vincent Nobel, head of real estate debt at Hermes IM, said: “Providing funding for Thor Equities and Chenavari Investment Managers, to help support the refurbishment and leasing plans for 147-155 Wardour Street, will allow the joint venture to continue its strong European growth story.”

He added: “Their recent record of accomplishment for projects of this nature and our experience of working with them on the 145 Oxford Street and Dover Street transactions, gives us great confidence in their ability to transform this asset.”

“The loan structure fits nicely within our revised lending mandate, allowing us to invest anywhere within the real estate capital structure.”

Sam Mellor, partner at Chenavari IM, said: “151 Wardour Street is an exciting opportunity and is in line with Chenavari’s investment strategy which focuses on targeting value add propositions in core locations across the UK and Europe.”

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Walkie Talkie deal is UK's biggest, over
27 July 2017 | London | Reporter: Mark Dugdale
Hong Kong conglomerate LKK Health Products Group has bought 20 Fenchurch Street for £1.23 billion, the largest ever UK single-property deal
CPPIB invests £250 million intu properties
27 July 2017 | Manchester | Reporter: Theo Andrew
The junior security will help facilitate the asset manager’s corporate business plan, and is supported by intu’s ownership of the 1.9 million-square foot Trafford Centre in Manchester
Nelson Mullins adds real estate attorney Sue Davis to Boston office
27 July 2017 | Boston | Reporter: Theo Andrew
Prior to joining Nelson Mullins & Scarborough, Davis spent 12 years at Riemer & Braunstein, most recently as partner
Allianz finances Liffey Valley for German pension fund
27 July 2017 | Dublin | Reporter: Theo Andrew
The seven-year fixed-rate loan was made on behalf of several Allianz entities at an “attractive all-in rate and a conservative loan-to-value ratio”
Dillon Eustace names head of real estate
26 July 2017 | Dublin | Reporter: Theo Andrew
O’Hara is the second real estate partner appointment at Dillon Eustace in four months, after Martin Colman joined the firm in March
UBS AM strengthens ties in Madrid
26 July 2017 | Madrid | Reporter: Theo Andrew
UBS Asset Management’s Real Estate and Private Markets business has acquired an office building in Madrid for €38.5 million
Universities Superannuation Scheme invests in UK water
26 July 2017 | London | Reporter: Mark Dugdale
The Universities Superannuation Scheme has secured a 10.94 percent stake in Thames Water, the UK’s largest regulated water utility company