(London) – Aviva Investors, the global asset management business of Aviva plc, announces it has completed provision of a £175 million loan to The Arora Group (‘Arora’).
The three-year facility, provided by several funds managed by Aviva Investors, will be used to finance Arora’s acquisition of 102 Petty France in St James’s, Central London, a landmark property overlooking St. James's Park and spanning over 525,000 sq ft across fourteen storeys.
102 Petty France is currently let to the Ministry of Justice for a further three years until its planned closure in 2028, as part of the UK Government’s Plan for London.
Arora plans to convert the property into hotel and residential use at expiry of the lease and will work up planning over the loan term while using surplus rent to support debt amortisation.
Gregor Bamert, Head of Real Estate Debt at Aviva Investors, said:
“We are very pleased to complete our first financing with Arora, a bilateral transaction that demonstrates our increasing ability to provide bespoke debt offerings. Arora is well-placed to capitalise on what we believe is an excellent repositioning opportunity for this asset. This is a great example of our conviction for originating well-structured loans to strong sponsors which can complement our portfolio in delivering outcome for several of our investor clients. We look forward to working with Arora as it executes its plans for the property.”
Surinder Arora, Executive Chairman of The Arora Group, added:
“We are delighted to establish this important relationship with Aviva Investors. This successful engagement underscores the Arora Group's commitment to high-quality delivery, and we are grateful for the exceptional focus from the team that ensured the timely completion of the facility. Expanding the Arora Group’s strategic footprint into Central London is a significant achievement and we look forward to realizing our dynamic vision for this key asset, reinforcing our position in the market.”
Arora was advised on the facility by CBRE.
