Blackstone Raises 600 Million-Pound Chiswick Park RefinancingTom Freke
Blackstone Group LP obtained 600 million pounds ($922 million) of debt to refinance Chiswick Park, a west London office development it bought in 2011 for 480 million pounds.
Deutsche Bank AG provided a 400 million-pound senior loan and Apollo Global Management LLC arranged a 200 million-pound mezzanine facility, according to an e-mailed statement from the German lender. There’s a mortgage-backed bond of about 302 million pounds outstanding that was arranged by Deutsche Bank after Blackstone’s acquisition of the office park in 2011.
Buildings on the 33-acre (13 hectare) site are leased to companies including PepsiCo Inc., Tullow Oil Plc and Walt Disney Co., according to a statement on Chiswick Park’s website. Work has begun on constructing a new 12-story building on the site, according to today’s e-mailed statement.
Apollo’s mezzanine facility was provided on behalf of a separate managed account, Deutsche Bank said. The Government of Singapore Investment Corp., a sovereign wealth fund, previously provided 60 million pounds of junior debt backed by the Chiswick Park site, according to a statement on the website of law firm SJ Berwin LLP.