Owners of one of Vancouver's most prominent office complexes have successfully secured refinancing for a nearly half-billion-dollar loan tied to their downtown property.
Real estate investment trust Hudson Pacific Properties Inc. (NYSE: HPP) revealed Thursday that it’s refinanced a $455 million loan for Bentall Centre, the 1.5 million-square-foot office property Hudson Pacific co-owns with lender Blackstone Inc.
"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,” Hudson Pacific’s chief financial officer Harout Diramerian said in a release.
He said the refinancing “underscores the quality of the asset and the associated strong operating performance.”
Hudson Pacific and Blackstone acquired Bentall Centre in 2019, a move that introduced the Los Angeles-based REIT to the Vancouver market.
Since then, Blackstone and Hudson Pacific have made “significant” capital investments in Bentall Centre, according to the release.
“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,” said the release, adding
Bentall Centre has retained a 90 per cent lease rate across its four Class A office towers.