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Blackstone and JER Partners Back London Office Schemes

LONDON-US real estate investors The Blackstone Group and JER Partners have signed deals to back three London office developments by Resolution Property.

By Graham Parker | Updated on May 14, 2001

LONDON-US real estate investors The Blackstone Group and JER Partners have signed deals to back three London office developments by Resolution Property. Three separate single-asset limited partnerships have been formed to carry out the schemes worth more than £250 million ($355 million).

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.

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