Westcore Properties and Angelo, Gordon & Co Acquire an $27.8M Loan Secured on Office Portfolio in the City of London, UK

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New joint venture between Westcore Properties, & Angelo, Gordon & Co, have acquired an $27.8M loan, which they hope will be the first of many deals.

“Loan sales by banks to financial investors in the United Kingdom have been all but non-existent. This deal signifies a coming shift and re-structuring of lenders balance sheets. We will be actively seeking similar opportunities”

Westcore Properties and Angelo, Gordon & Co announce that they have acquired a $27,800,000 loan secured against a 104,000 square-foot office portfolio in the City of London. The three building portfolio was acquired by the joint venture from a mainstream UK lender.

Marc Brutten, founder and chairman of Westcore Properties, commented
“This acquisition has special meaning for the company. Our team has worked diligently to acquire a quality asset in an important international market at a price that assures strong future upside. We are prepared to move quickly on assets we can identify that make sense to us as part of our overall investment strategy,”

Brutten went on to say that the transaction demonstrates that banks in the United Kingdom are beginning to creatively manage their loan books.
“Loan sales by banks to financial investors in the United Kingdom have been all but non-existent. This deal signifies a coming shift and re-structuring of lenders balance sheets. We will be actively seeking similar opportunities”

The joint venture plans to work closely with the borrower to maximize the value and performance of the portfolio over the life of the loan by leasing up vacant space and retaining existing occupiers through active management.

The portfolio is almost 90% occupied. One building was constructed in the late 1800s, with the remaining two buildings developed in the 1960s. The portfolio has been the subject of a substantial refurbishment program over the past few years, leaving it in an excellent position to capitalise upon improving occupier demand and rental growth in Central London.

The London acquisition is the 21st joint venture between Angelo, Gordon & Co and the Principals of Westcore since the two firms began investing together in 1993.

For additional information, please contact; Marc Brutten in the US, mbrutten(at)westcore(dot)net, or Roger Ford in the UK, rford(at)westcore(dot)net.
Angelo Gordon can be contacted through Anuj Mittal, amittal(at)angelogordon(dot)com.

Editors Note:

About Westcore Properties
Westcore Properties (http://www.westcore.net) is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, the company has invested in more than $2.2 billion in office, industrial and retail properties totalling over 10 million square feet. In addition to its San Diego headquarters, Westcore Properties has regional offices in San Francisco, Calif. and Denver, Colo. The firm’s European offices are located in Geneva, Switzerland and London, England.

About Angelo, Gordon & Co.
Angelo, Gordon & Co. (http://www.angelogordon.com) was founded in 1988 and has approximately $21.0 billion under management. Currently, the firm’s investment disciplines encompass four principal areas: (i) distressed debt and leveraged loans, (ii) real estate equity and debt, (iii) private equity and (iv) multi-strategy. Angelo, Gordon & Co. employs approximately 200 professionals and is headquartered in New York, with associated offices in Los Angeles, Chicago, London, Amsterdam, Hong Kong, Seoul, and Tokyo. The firm partners with real estate operating companies to purchase sub performing real estate and debt.

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