Investors led by billionaire Richard Caring reached a deal for a 330 million-pound ($518- million) financing package to pay a loan held by Ireland’s National Asset Management Agency and buy a building in London’s Mayfair district, CoStar Group Inc. reported.
Lloyds Banking Group Plc (LLOY), Deutsche Bank AG and Singapore’s United Overseas Bank Ltd. (UOB) agreed to a 230 million-pound, three- year senior loan, according to CoStar, which didn’t say where it obtained the information. A fund managed by LaSalle Investment Management and Geneva-based Safanad provided 100 million pounds of mezzanine loans, it said.
The agreement clears the way for Caring’s group of investors to repay NAMA and buy the U.S. Embassy’s former Naval headquarters at 20 Grosvenor Square, which they intend to convert into luxury apartments, according to CoStar. NAMA acquired the original loan, secured by the property, from Allied Irish Bank after there was a breach of certain terms, CoStar said.
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