Trinova and Stars REI secure c.£80m refinancing from Aareal Bank for Central London office portfolio
Trinova and Stars REI have successfully secured a circa £80 million refinancing facility from Aareal Bank for its prime London office portfolio, succeeding facilities provided by Nuveen and UBS. This transaction highlights lender confidence in the portfolio’s stabilisation trajectory and Trinova’s execution of a proactive asset management strategy. The portfolio features two exceptional properties: 33 Kingsway, a 70,000 sq ft Grade A office in Covent Garden with enhanced ESG specifications and robust tenant interest; and 103 Mount Street, a 50,000 sq ft headquarters building in Mayfair, where Trinova recently secured a landmark lease at a record £172.50 per sq ft to a digital infrastructure-focused private equity firm, underscoring the asset’s appeal to elite occupiers.
The refinancing underscores Aareal Bank’s conviction in well-positioned office assets supported by compelling business plans, evidenced by rental uplifts surpassing inflation and Trinova’s targeted leasing initiatives alongside sustainability enhancements. This deal signals sustained lending appetite for sponsors and managers demonstrating operational excellence in a discerning market, positioning the portfolio for resilient performance within London’s recovering office sector. JLL Debt and Stephenson Harwood advised the borrower, while Addleshaw Goddard represented the lender.
James Kim at Trinova said in a statement, “This successful refinancing, coupled with proven asset and development management delivering record rents, exemplifies Trinova’s ability to unlock value in premier London offices. We greatly value our strong and ongoing relationship with Aareal Bank, whose support reaffirms confidence in our strategy.”
Felipe Bertoni at Stars REI said, “We are pleased with the continued performance of this Central London portfolio, which reflects the strength of the assets and our disciplined execution of the business plan. Securing this refinancing amid a recovering London office market underscores the quality and trajectory of the portfolio. We are also pleased to welcome Aareal Bank as a new debt partner and look forward to building a long-term relationship with a lender that shares our conviction in prime London offices.”
Rhodri Mayor at Aareal Bank AG, added “We are delighted to have completed our first financing with STARS REI, a high-quality investor with whom we look forward to building a strong, long-term partnership. The transaction provided an excellent opportunity to finance two exceptional properties, and to work alongside our trusted partner, Trinova, as they implement their proactive asset management strategy”
103 Mount Street Office
33 Kingsway Reception
