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BC Partners Real Estate Fully Lets The Wingate in Soho and Secures Refinancing

BC Partners Real Estate, the real estate investment arm of leading international investment firm BC Partners, is pleased to announce the successful letting of the last available office floor at The Wingate building in Soho. The last remaining floor, totalling approximately 5,000 square feet and fully fitted to Cat A+ condition, was let in May 2024.

The 70,000 square feet building, which sits on Shaftesbury Avenue, next to Tottenham Court Road tube station, is now fully let. New leases have been signed with clients including Target Global, Fever, and film post-production company Hireworks, among others. Hireworks is an existing tenant and took on additional floor space. The leases for the upper floors were signed at a 15% premium than anticipated upon acquisition, demonstrating the strong demand for high-quality office space in prime locations. The retail occupiers of the building’s lower floors, including the Curzon Cinema and Bank of China, have all regeared their leases under BC Partners' ownership.

The freehold property which dates to 1958 was acquired by funds managed by BC Partners in 2019 and underwent a back-to-the-frame refurbishment between 2020 and 2022. It now benefits from EPC B, Fitwell 2*and BREEAM Excellent certifications, new openable windows as well as 5,500 square feet of terraces across four floors with unobstructed views across central London.

In April 2024, BC Partners, advised by Lakefield Capital, successfully refinanced the acquisition debt originally provided by BentallGreenOak, securing a new 3-year facility from Credit Agricole CIB, acting in their capacity as Mandate Lead Arranger, Bookrunner, Original Lender, Hedge Counterparty, Agent and Security Agent. The refinancing process was competitive, and terms were received from several interested lenders.

Laurian Douin, Partner of BC Partners Real Estate commented: “When funds managed by BC Partners acquired The Wingate, we saw an iconic building in the heart of Soho with huge potential. Following our successful redevelopment of the space, we are pleased to see it hit 100% occupancy, welcoming both new and existing tenants. The achievement of this significant milestone further strengthens our strategy of creating ESG-led, occupier-centric workspaces in central, sought-after locations.”