SOURCE: The Grove Agency

The Grove Agency

September 30, 2010 19:55 ET

Westcore Europe Completes Second Major UK Loan Acquisition of 2010

Westcore Europe Is an Affiliate of San Diego-Based Westcore Properties

SAN DIEGO, CA--(Marketwire - September 30, 2010) - Westcore Europe, LLC, an affiliate of San Diego-based Westcore Properties, in partnership with an undisclosed U.S. institution, has completed the acquisition of a $133,800,000 loan secured against a 105,000-square-foot Class A office building located in London, England.

This is the second major loan acquisition of the year for Westcore Europe. In February, the company acquired a $29,500,000 loan secured against a three-building, 103,000-square-foot London office portfolio.

According to Roger Ford, managing partner of Westcore UK, LLP, and advisor to Westcore Europe, the company is actively leading the movement on transactions of this type in London, and believes that once lenders and investors better understand loan pricing for this asset class, activity will increase and greater liquidity will enter the market.

"This major acquisition strengthens our position in the London market as we believe it to be the largest loan secured against a single asset traded in the U.K. since the onset of the credit crisis," said Ford. "We plan to continue actively pursuing loan acquisitions throughout the U.K. and mainland Europe, and have allocated substantial funding to further develop our acquisition strategy for this sector."

For additional information, please contact Marc Brutten, founder and chairman of Westcore Properties in the U.S. (mbrutten@westcore.net), or Roger Ford in London (rford@westcore.net).

About Westcore Europe
Westcore Europe LLC is an affiliate of Westcore Properties (www.westcore.net). Westcore Properties is a private, entrepreneurial commercial real estate investment firm with a specialized focus in the western United States and key European markets. Since its founding in 2000, the company and its affiliates have acquired and managed more than $3.9 billion in industrial and office assets comprised of 550 buildings totaling over 25 million square feet. In addition to its U.S. headquarters in San Diego, Calif., Westcore Properties has regional offices in San Francisco, Calif. and Denver, Colo. The firm's European offices are located in Geneva, Switzerland and London, England.

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