Nuveen Real Estate and DekaBank have provided £285m in financing for King’s Cross Central Limited Partnership.
It is an eight-year loan secured on 3 and 4 Pancras Square, two Grade A office buildings located in King’s Cross.
KCCLP is a joint venture between AustralianSuper and Argent.
Three and 4 Pancras Square were completed in 2016 and 2017 respectively, providing nearly 400,000 sq ft of office and retail accommodation. They are currently let long-term to Universal Music and Havas, both subsidiaries of Vivendi.
The properties are located at the southern gateway of King’s Cross Central, a 67-acre site, which is being developed by Argent on behalf of KCCLP to provide in excess of 3.9m sq ft of commercial space, 2,000 homes and a campus for University of the Arts London.
The transaction represents Nuveen’s first financing to KCCLP, and extends DekaBank’s existing relationship following the provision of a £152 million loan facility secured on 1 and 2 Pancras Square in October 2017.
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