Wells Fargo Finances Brookfield's Acquisition Of Moor Place - Quick Facts

(RTTNews) - Wells Fargo & Co. (WFC) announced a 138 million pounds or $216 million acquisition loan for Brookfield Property Partners L.P. (BPY_UN.TO, BPY) to support the purchase of Moor Place, a 226,000 square-foot office building in the City of London.

Moor Place is adjacent to Brookfield's London Wall Place development, for which Wells Fargo was the lead arranger of a previously announced 273 million pounds development facility.

At the acquisition and financing, the Moor Place building was mostly vacant, but there was strong confidence in Brookfield's capability to lease up the space.

The transaction closed on a fully underwritten basis, and Wells Fargo subsequently sold down half of the commitment. This follows syndicated loan activity in 2014 that included transactions for Intu on the St David's shopping center and for Threadneedle Property in respect of their Strategic Property Fund IV. The Moor Place syndication closed mid-February.