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Two Korean investors have refinanced loans on large London office buildings that were at or near maturity.
Mirae Asset Daewoo and NH Investments, advised by Valesco, have rolled a £149M loan on the 287K SF Cannon Bridge House in the City, React News reported. The building was bought for £248M in 2018, with German lender Aareal providing the loan.
Aareal has provided a one-year extension to the loan, which was due to mature next month.
Elsewhere in the City, Samsung SRA Asset Management has agreed a three-year extension to a loan of around £200M secured against the 385K SF 200 Aldersgate. The building was bought for £315M in 2018.
The loan was provided by Nuveen and it matured earlier this year.
Cannon Bridge House was up for sale for £320M in 2021, React said, while 200 Aldersgate was up for sale for £350M earlier this year.
A third debt negotiation ongoing in the City between a lender and a Korean investor involves the 152K SF One Poulty.
The building was bought for £185M in December 2018 by Korean asset manager Hana, with a loan of around £100M from Bank of Ireland. The value dropped and a loan-to-value covenant was breached, React and Bloomberg reported, leading to the need for the asset to be refinanced. The building’s 110K SF of office space is occupied by WeWork.
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