L&G has completed the £385m refinancing of Shell and WeWork’s flagship London offices One and Two Southbank Place with owner Almacantar.
Southbank Place. Credit: James Burns
The refinancing increases the existing £300m facility to £385m and extends the maturity of the loans from April 2026 to April 2029.
It was completed on behalf of both external clients and L&G’s Institutional Retirement business, and continues a long-standing partnership between Almacantar and L&G.
It brings L&G’s total deployment of real estate debt over the past year to over £1bn, following a series of significant UK and European deals.
One and Two Southbank Place are adjacent to Waterloo Station and comprise a combined 545,000 sq ft of prime office space let to Shell and WeWork.
James Spencer-Jones, head of real estate debt, UK & Europe at L&G said: “We’re delighted to extend our partnership with Almacantar through the refinancing of One and Two Southbank Place.
“The transaction reflects our conviction in high-quality, well-located office assets and their ability to deliver predictable, liability-matching returns for our clients. Through tailored private debt structures, we continue to provide capital that supports a range of real estate projects.”
Peter Critchley, general counsel at Almacantar added: “We are pleased to have completed this refinancing, which marks another milestone in our long-standing relationship with L&G. Almacantar has a proven track record of investing in and delivering world-class destinations and the strong performance of One and Two Southbank Place is testament to that commitment.
“These buildings continue to attract leading global tenants and generate resilient rental income, underlining the enduring appeal of high-quality, well-connected office space in London. We look forward to building on our partnership with L&G as we continue to set new standards for excellence and value in the market.”
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