Trinova has acquired the majority of the loan advanced against the City of London office building Cannon Bridge House at a discount to par from German lender Aareal Bank, CoStar News understands.
The loan, representing around two-thirds of the overall £150 million loan, originally matured in 2023 but was extended by the lending group. Market sources suggested the acquisition of the loan is the first in the recovery cycle, pointing to increasing appetite for opportunities to take positions on City offices.
FNBC Bank is the other lender.
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 and Aareal Bank declined to comment.
FG Asset Management, the Seoul-headquartered asset management company, and The Valesco Group, the European real estate investment manager, exchanged contracts on the acquisition of Cannon Bridge House for £248 million, backed by Mirae Asset Daewoo and NH Investments & Securities, the investment and securities groups operating in South Korea in 2018, with Aareal providing the loan.
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 £1.1 billion.