Trowers & Hamlins has advised long-standing client GI Partners and Rowan on securing a £70 million loan facility from Blackstone Mortgage Trust.  The loan will fund the second phase of refurbishment at the 165,000 sq ft Midtown property Aldwych House, which GI Partners and Rowan bought in 2011.

The partners have already spent £7 million renovating parts of the building to provide a new reception and entrance hall, balconies, and atrium, plus the refurbishment of the fourth floor.

As part of phase two, a new office floor will be built on top of the 10-storey building (subject to planning), and the existing roof space will incorporate roof gardens and terraces.

Brad Altberger, managing director of GI Partners, commented:  "This loan facility represents a real milestone for the building, which has already undergone considerable change since our acquisition two years ago.  We strongly believed in the potential for significant upside as the building is let at below market rents, and the next phase of redevelopment will enable us to realise this potential.  We are grateful for the advice and guidance provided by Trowers & Hamlins on this matter."

Trowers & Hamlins has advised GI Partners on numerous deals over the past ten years. 

The Trowers & Hamlins team acting on this latest financing deal was led by Corporate partner Tim Nye, alongside Banking and Finance partner Katharine Lewis and senior associate Eddie O'Hanrahan.