U.S. private equity group, Westbrook, is nearing a deal to close a new financing package for the £500 million Shell-Mex House in London’s West End, Financial Times reports. The firm is in discussions with Deka Bank and ING to offer over £350 million of debt to back the property, which was acquired for nearly £500 million.
Westbrook may pay down an amount of the debt and bring in a small amount of £375 million junior debt to add to the package. Westbrook has restructured the leases in the building, debt on which is required to be refinanced by July 2012.
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