Blackstone and JER Partners have committed more than £70 million ($99 million) to the limited partnerships, amounting to 85% of the equity, which will fund office schemes in Hayes, Hammersmith and Camden. Resolution has committed the remaining 15% of equity and will act as managing partner. The German banks Eurohypo and Deutsche Bank will provide up to £165 million ($235 million) of senior and mezzanine debt to finance the three schemes.
In Hayes, near Heathrow Airport in West London, the partnership will redevelop the former EMI gramophone record factory and stores. Resolution has secured planning consent for an office scheme that will refurbish the multi-storey art deco buildings to provide 554,400 sq ft of offices. Work is scheduled to start on site in May 2001.
In Camden, North London, the partnership will acquire Greater London House, a landmark art deco building restored by Resolution to provide 340,000 sq ft of office space on six floors. Tenants include Young & Rubicam, Emap and Thomson.
And in Hammersmith, West London, the partnership will acquire Resolution's almost-completed refurbishment of Hammersmith Grove, comprising more than 115,000 sq ft of offices. Pre-lets have been agreed with MWB Business Exchange and Panasonic Disc Services International at rents of up to £35 ($50) per sq ft.
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