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Allianz Real Estate has agreed a £120 million debt finance deal with The Office Group (TOG) for the acquisition and refurbishment of Chancery House in London.
Located in London’s Midtown, Chancery House is a prime 150,000 sq ft asset on an island site. Once refurbishment is complete, the building will be positioned as TOG’s flagship asset in the market.
The financing deal is the fifth debt transaction in London for Allianz Real Estate and the first since it opened its London office in mid-2019. It is also one of the latest deals to be completed through Allianz Real Estate’s Luxembourg-based debt fund, launched in 2018, which now has approximately €2 billion (£1.72 billion) of assets under management.
According to Shripal Shah, head of debt origination at Allianz Real Estate, London, “Chancery House is a unique, landmark asset that complements our London portfolio and supports our aspirations for strong growth in the market in 2020 and over the long term.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.
Photo copyright N Chadwick, CC BY-SA 2.0