Hudson Pacific Completes $455 Million Bentall Centre Loan Refinancing
09 Novembre 2023 - 3:00PM
Business Wire
Hudson Pacific Properties, Inc. (NYSE: HPP), a unique
provider of end-to-end real estate solutions for tech and media
tenants, announced today the successful refinancing of the loan
secured by Bentall Centre, a 1.5 million-square-foot office
property located in Vancouver, British Columbia and owned in
partnership with Blackstone.
Upon the closing of this refinancing, Hudson Pacific has no debt
maturities until December 2024. The new $454.8 million mortgage
loan amount (reflects prior day foreign currency exchange rates
from CAD) bears an interest rate of 230 basis points over CORRA,
which the partnership swapped to a fixed rate of 4.36%, and matures
in 2027. The loan was refinanced by the original international and
domestic lending group led by RBC.
"In partnership with Blackstone, we are pleased to have
successfully refinanced our loan secured by Bentall Centre, which
underscores the quality of the asset and the associated strong
operating performance," said Chief Financial Officer, Harout
Diramerian. "Hudson Pacific now has no debt maturities until
December 2024, as we continue to take a strategic and multifaceted
approach to fortifying our company’s balance sheet."
“Bentall Centre is well positioned for the future, and we look
forward to continuing to serve as a home for so many of Vancouver’s
incredible companies,” said Chuck We, Executive Vice President,
Pacific Northwest and Canada Office Operations.
Since acquiring the property in 2019, Hudson Pacific and
Blackstone have made significant capital investments in Bentall
Centre to ensure the campus remains a vibrant part of the downtown
core. These include asset modernization, the addition or redesign
of tenant-specific amenities, as well as the curation of publicly
accessible outdoor plazas to incorporate an array of events, pop-up
retailers and art exhibits, such as the recently installed OVERFLOW
IV sculpture by world-renowned artist Jaume Plensa. The partnership
also added programmable LED lighting to the tower crowns, making
Bentall Centre a dynamic night-time landmark within the Vancouver
skyline. During Blackstone and Hudson Pacific’s ownership, the
property has maintained a leased rate of more than 90%.
About Hudson Pacific Properties
Hudson Pacific Properties (NYSE: HPP) is a real estate
investment trust serving dynamic tech and media tenants in global
epicenters for these synergistic, converging and secular growth
industries. Hudson Pacific’s unique and high-barrier tech and media
focus leverages a full-service, end-to-end value creation platform
forged through deep strategic relationships and niche expertise
across identifying, acquiring, transforming and developing
properties into world-class amenitized, collaborative and
sustainable office and studio space. For more information visit
HudsonPacificProperties.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231109675524/en/
Investor Contact Laura Campbell Executive Vice President,
Investor Relations & Marketing (310) 622-1702
lcampbell@hudsonppi.com
Media Contact Laura Murray Senior Director,
Communications (310) 622-1781 lmurray@hudsonppi.com
Hudson Pacific Properties (NYSE:HPP)
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