BCLP Advises Aviva Investors on £37.5 Million Refinancing for London Development Project

International law firm BCLP advised Aviva Investors on a facilities agreement valued at approximately £37,500,000, aimed at refinancing the acquisition and development of 95 New Cavendish Street in London. This transaction marks BCLP's first instruction on a development deal for Aviva and is part of Aviva’s newly established development fund, which targets multi-asset prime and speculative developments in the UK. The sponsor, AEW, acquired the Joint Property Unit Trust (JPUT) owning the asset earlier this year, with plans to redevelop the existing building into a 22,589 square foot prime office space in the West End. The redevelopment will include a new fifth floor with a private terrace and a sixth-floor club room, along with a communal roof terrace. The completed project is expected to achieve a minimum Net Zero Carbon rating, EPC A, WELL Platinum, and BREEAM Excellent. The facilities arranged will refinance existing intercompany debt and cover loan costs during the development phase, as well as development costs. The deal was led by Partner Eleanor Penton and Practice Group Leader Naveen Vijh, both specializing in Real Estate Finance. The deal team included Senior Associates Lauren Le Voi, Katie Moss, Associate Jonathan Lobley, and Paralegals Stanley Yao and Ana Lina Toplak (all from Real Estate Finance); Senior Associate Giles Williams (Real Estate); Partner Victoria Blanchard and Associate Liam Lee (Real Estate Disputes); Partner Christopher Skone James and Consultant Nick Danev (Construction); Partners Andy West, Simon Letherman, and Associate Liam Johnson (Tax); and Partner Ambroise Foerster and Associate Mina Fontaine (Luxembourg).

BCLP Advises Aviva Investors on £37.5 Million Refinancing for London Development Project

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