LONDON--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) today announced an £138 million ($216 million USD) acquisition loan for Brookfield Property Partners (NYSE; BPY.UN: TSX) to support the purchase of Moor Place, a 226,000 square-foot office building in the City of London.
“Wells Fargo is delighted to continue our relationship with longtime customer Brookfield through the financing of Moor Place,” said Shaun Connery, a director in Wells Fargo’s UK Commercial Real Estate team. “Brookfield needed a financing consistent with the short acquisition timetable, and we were confident that we could meet the deadline.”
“Our commercial real estate team has worked with Brookfield extensively both in North America and the UK, and this was an opportunity to continue our support on their latest acquisition in London,” added Michael Acratopulo, managing director of Origination for Wells Fargo’s UK Commercial Real Estate team.
Moor Place is adjacent to Brookfield’s London Wall Place development, for which Wells Fargo was the lead arranger of a previously announced £273 million ($427 million USD) development facility. At the acquisition and financing, the Moor Place building was mostly vacant, but there was strong confidence in Brookfield’s capability to lease up the space.
The transaction closed on a fully underwritten basis, and Wells Fargo has subsequently sold down half of the commitment. This follows syndicated loan activity in 2014 that included transactions for Intu on the St David’s shopping center and for Threadneedle Property in respect of their Strategic Property Fund IV. The Moor Place syndication closed mid-February.
Serving both our corporate and commercial customers throughout Europe, Wells Fargo’s primary European business lines include Global Financial Institutions, Global Banking, Global Transaction Banking, Capital Finance, Commercial Real Estate, Corporate Trust, Asset Management, and Investment Banking and Capital Markets.
About Wells Fargo Commercial Real Estate
Wells Fargo’s Commercial Real Estate group provides a comprehensive set of banking and financing solutions to experienced owners, operators and developers, real estate investment funds and real estate investment trusts (REITs). Wells Fargo’s Commercial Real Estate group is part of a broad integrated platform that includes lending, syndications, debt placement, equity raising and underwriting, mergers and acquisitions, and a servicing platform. For more information about Wells Fargo’s commercial real estate platform visit: www.wellsfargo.com/realestate.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.