The lender to a development focused on advertising schemes and immersive experiences has taken control of the asset.

Private equity firm AB CarVal is now the “main financial stakeholder” for Outernet at the junction of Tottenham Court Road and Oxford Street, according to Green Street News.

Outernet was developed by Laurence Kirschel’s Consolidated Developments as part of its St Giles Estate, a series of buildings in the Tottenham Court Road and Charing Cross Road area.

Consolidated secured a £445M debt package for the Outernet development and to develop and refurbish hotels, offices, bars and restaurants in the surrounding area. Credit Suisse, now owned by UBS, was the senior lender, and AB CarVal was the mezzanine lender.

The end value of Consolidated’s scheme was estimated at £850M, though the value is actually much closer to its outstanding debt, precipitating the need for a restructuring, Green Street reported.

AB CarVal bought the senior debt and has agreed to a consensual restructuring with Consolidated, which continues to manage the assets in the area and retains a financial stake in the future of the scheme.

“AB CarVal … is now the main financial stakeholder of the Outernet business,” an Outernet spokesperson told Green Street. “They continue to be fully supportive of Outernet’s long-term vision to become a global media brand, building on its position as one of the most successful audience attractions in the UK.”

Outernet comprises several elements, including The Now Building, which offers 23K SF of LED screens, the largest such venue in the world, and Here, a 2,000-person live entertainment venue.