Blackstone Secure Finance Deal On Chiswick Park

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Refinanced by two large loans totalling £600 million

Blackstone, the owners of the Chiswick Park development, have refinanced the Business Park with two loans totalling £600 million.

The global equity company put the Park up for sale last autumn with an asking price of £800 million but abandoned its efforts to sell in January. It has since focused on obtaining a £400 million senior loan, provided by Deutsche Bank, and a £200 million mezzanine facility, provided by Apollo Global Management.

It is thought that the company will not try to put the Park on the market again for another two years. Blackstone bought the office development in 2011 for 480 million pounds.

The Park has over 7,000 employees and buildings are leased to companies including PepsiCo Inc., Tullow Oil Plc, Walt Disney Co., Swarovski and Starbucks and Aker Solutions.

The final office block, Building 7 which will be a 12-storey office block with 334,000 sq ft (31,029 sq m) of lettable space is currently being built. When complete the building could house over 3,000 workers. The scheduled completion date is in December 2014.

Building 7 will bring the total amount of built space on the Park to 1.8 million sq ft (167,225 sq m).

Since Blackstone purchased Chiswick Park in March 2011, a total of nearly 400,000 sq ft (37,161 sq m) has been let to tenants including Aker Solutions, International Game Technology, Otis Lifts, International SOS, Swarovski, Absolut Spirits and Pepsi.

May 13, 2013