SH advises lenders on £120m Sea Containers House redevelopment
11 January 2012
International law firm, Stephenson Harwood has advised a syndicate of lenders on a syndicated loan arranged by ING Real Estate Finance (UK) BV, London Branch and Berlin-Hannoversche Hypothekenbank AG. The £120 million senior secured term loan facility was made to the owner of Sea Containers House, a prominent riverside building on London's South Bank, in the context of its redevelopment.
The redevelopment, once completed, will provide c.280,000 sq ft of office, restaurant and retail space and a 360 room Mondrian Hotel operated by the Morgans Hotel Group (opening scheduled for 2014).
Neil Murray, a partner in SH's real estate finance team led the deal, with real estate partner Robert Newman dealing with the property/hotel side and Graeme Barton with construction matters. Rosenblatt Solicitors acted for the owner, led by partner Claire Nelson, with fellow partner Cathy Ley on construction.
Neil Murray commented: "We are delighted to have advised the lenders on this loan. Sea Containers House is an iconic building and the transaction demonstrates that quality projects with an experienced developer are still able to attract debt finance. In this case, we had long standing relationships both with the lenders and the developer, which ensured expeditious transaction execution. Sea Containers House is one of the latest in a series of substantial debt financings completed by the SH real estate finance team during the course of 2011 and, with the expansion of the team, we are looking forward to further activity."
Further information on the Sea Containers House development can be found at: www.seacontainershouse.com.