Starz Real Estate has provided a £77m senior facility to PineBridge Benson Elliot for the refinancing and part re-development of Guildford Business Park in the UK. Starz’ facility comprises a £58m term loan and a £19m capex facility designed to fund the refurbishment of one of the properties at the Park.
Guildford Business Park is a landmark 14-acre office park, developing 287,176 sq ft over five office buildings, located on the edge of Guildford town centre, along the A3 motorway, 28 miles southwest of Central London. Guildford is a well-known cluster for gaming companies, and has direct train access to London (30-min ride). Adjacent to the office park is the University of Surrey (16k students, research focus on AI, satellite & 5G mobile technology). Building 4 will be refurbished and expanded to deliver a 107k sq ft, net-zero carbon, BREEAM outstanding building by 2024. The Park has sought-after amenities for tenants, and has constantly achieved among the best rental levels in that market. The asset is currently occupied by a diverse base of nine tenants.
James Jakeman at PineBridge Benson Elliot, said: “We are pleased to have secured this £77m debt financing from Starz Real Estate providing Guildford Business Park with funding for continued redevelopment and asset enhancement.”
Limor Shilo, Head of Origination at Starz Real Estate, stated: “We are pleased to support PineBridge Benson Elliot with the necessary funding to refinance the Surrey business park. In addition to refinancing the existing asset, the Starz loan will provide the necessary funds to redevelop one of the existing buildings to the highest office specifications. The Guildford property has all the amenities that tenants desire as they return to working in the office. We expect the additional capital improvements will further consolidate Guildford Business Park’s position as a modern hub for life-science and gaming companies.”
PineBridge Benson Elliot were advised by HSF and Starz by Eversheds Sutherland and Carey Olsen. Savills provided valuation services.