LONDON -- (Business Wire)
Allianz Real Estate and Brookfield have refinanced Blackstone’s St.
Katharine Docks, London, in a deal coordinated by HFF Real Estate
Limited (HFF). Allianz as senior lender arranged the senior facility on
behalf of a number of Allianz Group insurers. Brookfield - through the
Brookfield Real Estate Finance Fund V - provided mezzanine financing.
The five-year, floating-rate deal represents the first time Blackstone
has borrowed from both Allianz and Brookfield in Europe. Additionally,
this marks the first transaction globally in which Allianz Real Estate
and Brookfield have partnered together on a financing.
St. Katharine Docks, a 23-acre estate built in 1827 and central London’s
only marina, has evolved into an iconic destination within London with
more than 500,000 square feet of commercial space and featuring 80
companies, 24 bars and restaurants, 200 berths and 6,500 employees. In
2014, Blackstone strategically purchased the asset via the acquisition
of Max Property Group and has since enhanced the asset via significant
capital improvements that have attracted top-tier tenants such as
WeWork, Clarkson Plc., QA Limited and Six Degrees.
The debt provided by Allianz is split into a senior term loan and a
capex line to redevelop Devon House, a 90,000-square-foot building on
the estate. It is Allianz’ second UK transaction in 2018 – in April,
Allianz lent £50 million as part of the £100 million development
financing for 80 Fenchurch Street, a prime office property in the City
of London. Both deals are part of Allianz’s European value-add growth
“This is a landmark opportunity to refinance one of London’s unique
estates. St. Katharine Docks is a prime development that correlates with
our focus on very high-quality, long-term assets owned by exceptional
managers such as Blackstone,” said Roland Fuchs, Head of European Debt
at Allianz Real Estate. “This deal, our second value-add transaction in
the UK this year, also illustrates our increasing focus on London, which
we believe will continue to be one of the world’s most influential and
dynamic cities offering a compelling selection of prime assets for
The HFF debt placement team working on behalf of Blackstone included
director Brad Greenway and managing director Edward Daubeney.
“To be able to bring together three world-class real estate platforms
for an inaugural, iconic transaction shows the strength of the London
market and Blackstone’s ability to impressively execute on the
identified repositioning,” Greenway said.
“Blackstone has breathed life into St. Katharine Docks while continuing
to execute its successful business plan,” Daubeney added. “It has been a
real pleasure working with all the parties involved on an important
mandate for the HFF London team.”
The Allianz Group is one of the world's leading insurers and asset
managers with more than 86 million retail and corporate customers.
Allianz customers benefit from a broad range of personal and corporate
insurance services, ranging from property, life and health insurance to
assistance services to credit insurance and global business insurance.
Allianz is one of the world’s largest investors, managing over 660
billion euros on behalf of its insurance customers while our asset
managers Allianz Global Investors and PIMCO manage an additional 1.4
trillion euros of third-party assets. Thanks to its systematic
integration of ecological and social criteria in its business processes
and investment decisions, the company holds the leading position for
insurers in the Dow Jones Sustainability Index. In 2017, over 140,000
employees in more than 70 countries achieved total revenue of 126
billion euros and an operating profit of 11 billion euros for the group.
About Allianz Real Estate
Allianz Real Estate is the strategic real estate organization within the
Allianz Group and a leading international real estate investment and
asset manager. Allianz Real Estate develops and executes worldwide
tailored portfolio and investment strategies on behalf of the Allianz
companies, considering direct as well as indirect investments and real
estate loans. The operational management of investments and assets is
currently performed in 5 regions, West Europe (Belgium, France, Italy,
Luxemburg, Portugal, Spain), North and Central Europe (Austria, CEE,
Germany, Ireland, Nordics), Switzerland, USA and Asia Pacific. The
headquarters of Allianz Real Estate are located in Munich and Paris.
Allianz Real Estate has approximately 56 billion euros assets under
The statements contained herein may include prospects, statements of
future expectations and other forward-looking statements that are based
on management's current views and assumptions and involve known and
unknown risks and uncertainties. Actual results, performance or events
may differ materially from those expressed or implied in such
Such deviations may arise due to, without limitation, (i) changes of the
general economic conditions and competitive situation, particularly in
the Allianz Group's core business and core markets, (ii) performance of
financial markets (particularly market volatility, liquidity and credit
events), (iii) frequency and severity of insured loss events, including
from natural catastrophes, and the development of loss expenses, (iv)
mortality and morbidity levels and trends, (v) persistency levels, (vi)
particularly in the banking business, the extent of credit defaults,
(vii) interest rate levels, (viii) currency exchange rates including the
EUR/USD exchange rate, (ix) changes in laws and regulations, including
tax regulations, (x) the impact of acquisitions, including related
integration issues, and reorganization measures, and (xi) general
competitive factors, in each case on a local, regional, national and/or
global basis. Many of these factors may be more likely to occur, or more
pronounced, as a result of terrorist activities and their consequences.
No duty to update
The company assumes no obligation to update any information or
forward-looking statement contained herein, save for any information
required to be disclosed by law.
Brookfield is one of the world’s leading alternative asset managers,
distinguished by a 115-year history of owning and operating real assets.
Brookfield manages approximately $285 billion of assets focused on real
estate, infrastructure and private equity.
Blackstone is one of the world’s leading investment firms. The firm
seeks to create positive economic impact and long-term value for its
investors, the companies Blackstone invests in and the communities in
which Blackstone works. The firm does this by using extraordinary people
and flexible capital to help companies solve problems. Its asset
management businesses, with approximately $440 billion in assets under
management, include investment vehicles focused on private equity, real
estate, public debt and equity, non-investment grade credit, real assets
and secondary funds, all on a global basis. Further information is
available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
HFF and its affiliates operate out of 26 offices and are a leading
provider of commercial real estate and capital markets services to the
global commercial real estate industry. HFF, together with its
affiliates, offers clients a fully integrated capital markets platform,
including debt placement, investment advisory, equity placement, funds
marketing, M&A and corporate advisory, loan sales and loan servicing.
HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities
Limited are owned by HFF, Inc. (NYSE: HF). For more information, please
or follow HFF on Twitter @HFF.
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Allianz Real Estate:
LEILA SALIMI, +33 1 42 99 63 15
Dewe Rogerson FAO Nick Corrin / Hugh Fasken / Patrick Evans
(0)20 7638 9571
GREENWAY, +44 (0)20 7509 6700
DAUBENEY, +44 (0)20 7509 6700
HFF Managing Director
STEELE, 713 852 3420
HFF Digital Content/Public Relations
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