Prudential Provides $278M Refi for Iconic London High-Rise

Prudential Mortgage Capital Co. has completed a £181.5m ($278m) refinancing loan for London’s 99 Bishopsgate office tower.
99 Bishopsgate

99 Bishopsgate

By Adriana Pop, Associate Editor

London—Prudential Mortgage Capital’s European lending arm Pricoa Mortgage Capital has closed a £181.5m ($278m) 10-year, fixed rate refinancing loan for 99 Bishopsgate, a 26-story office tower in London.

The recently renovated 340,000-square-foot building is 100 percent leased to a diverse mix of tenants from the legal, financial services and professional services sectors.

“99 Bishopsgate is a recognizable feature of London’s skyline and one of the city’s most iconic buildings, popular with both local and international occupiers. Being a long-term holder of our own debt, Prudential Mortgage Capital Company was able to offer a structure that matched the client’s asset management requirements whilst locking in long term interest rates,” stated Aaron Knight, director of European originations at Prudential Mortgage Capital Company.

Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc.

Over the summer, Prudential Mortgage closed similar transactions in Europe, including the £270 million ($418 million) Watermark Place, the £155 million ($250 million) Access Self Storage and the £130 million ($201 million) GCP Student Living loans.

Photo credit: http://www.99bishopsgate.com