SocGen/DWS agree £280m Holiday Inn Kensington refi

By Paul Norman - Wednesday, September 12, 2018 12:14

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Societe Generale Corporate & Investment Banking and DWS have completed the £280m refinancing of the Holiday Inn Kensington Forum. The loan was initially provided by Societe Generale to Queensgate Investments in July 2018.

The facility is split between the £60m mezzanine facility fully syndicated to a debt fund managed by DWS, and a £220m senior facility.

Queensgate Investments bought the hotel financed by SocGen for around £400m in 2016 from Apollo Global Management. The hotel was the largest asset in a £950m portfolio that Apollo Global Management bought the year before from LRG Acquisition, a consortium of Canada’s Realstar Group, Singaporean sovereign wealth fund GIC and Lehman Brothers Real Estate Partners.

The 465,000 sq ft hotel, which is located in west London near Gloucester Road underground station, is one of the largest hotels of Central London with over 900 rooms. 

Andrea Vanni, Head of European Real Estate Debt Investments for DWS said “This is an outstanding asset and this transaction reinforces our strong partnership with Societe Generale and Queensgate.”

Pierpaolo Iasci, Head of UK Real Estate Structured Finance for Societe Generale Corporate & Investment Banking said “The asset combines a long track record of stable performance with a strong redevelopment potential. The transaction is an opportunity for Societe Generale to continue to support Queensgate and strengthen our relationship with a key investor like DWS.”

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