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%.
