Investec Real Estate has issued a £50m (€58.4m) loan to London property developer City & Docklands, secured against 149 newly completed luxury apartments.
Investec said the loan, which refinances an existing loan, is secured against the apartments at the One West Point residential scheme in West London.
Ian Burdett at Investec Real Estate, said: “Living continues to be a conviction sector for us due to its compelling supply-demand fundamentals. The London market remains particularly constrained and in City & Docklands we have a partner that has a track record of delivering highly successful mixed tenure projects.”
The deal marks the sixth transaction between the two firms.
Burdett added: “Building on our strong, longstanding wider bank relationship with City & Docklands, this latest facility demonstrates our competitiveness in the refinancing space, which we anticipate continuing to be a significant part of our loan origination in 2024.”
Gary Sacks, CEO at City & Docklands, said: “As always, working with Investec on this refinance was a pleasure. Their commercial approach to the transaction was refreshing in a market where financing real estate has become increasingly difficult.
“The debt package provided has enabled us to fully stabilise our build-to-rent offering so we can build our in-house management brand AWOL whilst continuing to offer a five-star service to our tenants.”
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