Aviva Investors has completed a £235 million refinancing facility for Lazari Investments, secured against a portfolio of prime London office assets.
The five-year loan will refinance existing debt facilities and provide additional capital expenditure funding across Lazari’s central London holdings. The deal extends a lending relationship between the two businesses spanning more than 35 years.
The transaction highlights the continued appetite for prime office-backed real estate debt, particularly in core London sub-markets where occupational demand has shown resilience despite wider sector challenges.
Meanwhile the refinancing adds to a steady flow of institutional capital targeting stabilised and prime commercial assets, as borrowers look to restructure legacy facilities while positioning portfolios for future growth and ESG-driven enhancement.
ATTRACTIVE RETURNS
According to the eighth edition of Aviva Investors’ Private Markets Study, published in January, 30% of corporate defined contribution pension funds expect real estate debt to deliver the most attractive risk-adjusted returns among private debt sub-asset classes over the next two years.
The data suggests sustained institutional backing for the asset class, including refinancing and transitional opportunities.
KEY FOCUS
Gregor Bamert (main image), head of real estate debt at Aviva Investors, says: “This agreement reflects a significant uptick in occupational and investor interest in the prime London office market and is a sector we expect to be a key focus of our strategy going through 2026 and beyond.”
Nicholas Lazari, director at Lazari Investments, adds: “As well as refinancing part of our debt, the transaction shows our ongoing commitment to a continued investment in both our Aviva charged property assets and the wider Lazari portfolio.
“We are now well progressed on our path to having a mature portfolio full of best in class and super prime assets, underpinned by outstanding sustainability matrixes.”
