The world’s largest sovereign wealth fund Abu Dhabi Investment Authority (Adia) and U.S. private equity firm Rockpoint Group have secured a two-year extension on a £336 million loan, Property Week reports. The loan provided by Morgan Stanley was secured against Devonshire Square estate, and was scheduled to mature on October 20. Its new maturity date is April 23, 2013.
As part of the extension deal, the borrowers have earmarked £3 million to obtain tenancy contracts and to renew leases. The estate includes 12 buildings acquired by Rockpoint in October 2006 for £410 million, which then sold a 25 percent stake to Adia for £110 million.
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