Trinova has acquired the second, smaller slice of the circa £150 million loan advanced against the City of London office building Cannon Bridge House from Japanese bank Sumitomo to complete its acquisition of the outstanding loans secured against the asset.
CoStar News revealed in August that Trinova had acquired a majority £100 million tranche from German lender Aareal Bank. Market sources indicate the group is backed by a Korean credit fund, which is seeking additional opportunities.
The £150 million loan originally matured in 2023 but was extended by the lending group. Market sources suggested the acquisition of the prior loan was the first in the recovery cycle, pointing to increasing appetite for opportunities to take positions on City offices.
The asset is multi-tenanted offering spaces of 10,000 square feet to 40,000 square feet with anchor tenants including Deliveroo and IG Index.
Trinova, Sumitomo and Aareal Bank declined to comment.
In 2018, FG Asset Management, a Seoul-headquartered company, and The Valesco Group, the European real estate investment manager, bought Cannon Bridge House for £248 million, backed by Mirae Asset Daewoo and NH Investments & Securities, the investment and securities groups operating in South Korea, with Aareal providing the loan.
Castleforge was appointed as asset manager by the borrowers earlier this year.
Trinova is a real estate investment and asset management business with a focus on pan-European real estate. It transacts and manages properties across the UK, the eurozone and the US. Trinova’s assets under management are valued at in excess of £1.5 billion.