Developer secures £70m refinancing for three London office projects

Developer and asset manager LBS Properties has secured approximately £70m refinancing with BentallGreenOak for three London-based office developments.

The three projects include 70 White Lion Street in Angel and a collective development known as ‘Chapter and Verse’ in Old Street.

Comprising 36,000 sq ft of office space, 70 White Lion Street was 100 per cent pre-let to Spaces (part of IWG) and completed in July 2019.

Formerly a Victorian school building, Chapter House comprises 34,000 sq ft of office space and is currently 80 per cent let to Ebiquity and TotallyMoney, while the adjoining new-build Verse building will provide around 16,000 sq ft of space and is due to complete in September.

Nick Crawford, managing director of LBS Properties, commented: “We are delighted to have completed another financing with BentallGreenOak.

“Over the last two years we have developed three high-quality office buildings in excellent, City Fringe locations, with White Lion Street and Chapter House close to fully let shortly after completion, and Verse Building due to deliver 16,000 square feet to the Old Street market in September this year.

“This financing will support the transition from development through to stabilisation, and facilitate ED Group’s strategy to hold these assets, in light of the continued shortage of high-quality office space in these submarkets.”

Martin Sheridan, UK debt principal at BentallGreenOak, added: “BentallGreenOak is pleased to have supported LBS Properties on yet another successful Central London office project.

“This transaction further underlines our ability to provide our borrower’s with wide-ranging and large-scale financing solutions across the capital structure for stabilised, value add and development assets.”