Home Commercial Property Heron Tower to seal £370m refinancing deal

Heron Tower to seal £370m refinancing deal

by LLP Editor
2nd Oct 13 11:23 am

Troubled skyscraper Heron Tower has reportedly sealed a £370m refinancing deal to prevent a sale.

The deal includes a £270m loan from private equity group Starwood Capital and three unnamed investors are providing £100m of new equity.

The deal will help the tower to pay off a £315m loan owed to Wells Fargo.

The 46-storey tower is owned by Heron International Ltd, the State General Reserve of Oman Fund and members of the Saudi royal family.

The tower was completed in 2011 and is only 60% let. When completely let, the block is expected to generate annual rent of £30m.

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