Five-year loan will replace AshbyCapital’s previous facility with SMBC
German bank Deutsche Hypo has provided AshbyCapital with a £60m refinancing loan for its London office-led asset The Avenue, Green Street News can reveal.
The bank is understood to have provided a five-year loan for the Tottenham Court Road building, refinancing a seven-year facility from Japan’s SMBC.
Designed by Stirling-nominated architects Bennetts Associates, and spread over seven floors, The Avenue provides 70,400 sq ft of office space and 14,000 sq ft of retail space.
Ashby acquired One Bedford Avenue in May 2014 to create a £100m new mixed-use scheme over seven floors, in partnership with Exemplar Properties.
Earlier this year Deutsche Hypo also originated a £82m loan secured against three retail parks owned by Ashby.
The three-year facility was for Abbotsinch Retail Park in Glasgow, Westside Retail Park in Paisley and Morfa Retail Park in Swansea.
Ashby was advised by CBRE on the latest financing.