W.RE and SIGNAL secure £40.8m facility

W.RE and SIGNAL secure £40.8m facility from Fiera Real Estate for 10 Lime Street redevelopment
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W.RE and SIGNAL have secured a £40.8 million senior debt facility from Fiera Real Estate Debt Strategies (“Fiera”), an affiliate of Fiera Capital Corporation, a global asset management firm with US$120.0 billion in assets under management, to support the acquisition and refurbishment of 10 Lime Street, a prime 54,611 sq ft office building in the heart of the City of London.

The building, originally completed in 2009 and positioned opposite the Lloyd’s building and beside Leadenhall Market, will undergo a comprehensive upgrade to deliver Grade A workspace with enhanced amenities and strong sustainability performance. W.RE will lead the development, drawing on its track record of repositioning office assets across London.

‍Richard Howe, Managing Director and Co-Head of European Real Estate Debt at Fiera Real Estate, said: “This facility is another excellent addition to our growing loan book, which has a disciplined focus on lending against defensive real estate, leading sponsors and sectors where supply-demand dynamics are most attractive. We are thrilled to continue our relationship with W.RE and establish a new one with SIGNAL.”

‍Colman McCarthy, Partner, Real Estate Investment at SIGNAL, commented: “We are pleased to have the support of Fiera on this transaction and would like to thank them for their professionalism and commitment throughout the process. Their facility positions us well to deliver a best-in-class refurbishment at 10 Lime Street, enhancing the building’s amenity and sustainability credentials and strengthening its appeal amid strong demand for prime office space.”

‍Andrew Haines, COO, W.RE, said: "It was great to work with the Fiera team again on the acquisition of 10 Lime Street. Their continued support is a strong vote of confidence in our plans for 10 Lime Street and in our ability to deliver exceptional projects. This was our second financing with Fiera, and once again they were efficient and commercial, which was essential to meet the transaction’s tight timeframe.  We are looking forward to working with Fiera in the coming months as we deliver more sustainable, best-in-class spaces across London.”

The investment comes as Grade A office space in the City continues to experience strong occupier demand and vacancy rates below 2%.

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