European real asset investor Greycoat has secured a £32m (€37m) loan from Future Growth Capital.
The two-year whole-loan facility has been secured against the office‑led 140 Leadenhall, a Grade II-listed building in the City of London. The new funding will be used to finish renovating the building and help Greycoat find new tenants.
Ewen MacPherson, CFO at Greycoat, said: “We are pleased to partner with Future Growth Capital on a facility that enables the final phase of this significant refurbishment and supports the completion and leasing of this unique City icon. The works have transformed 140 Leadenhall into a high-quality, energy-efficient workspace while preserving its Grade II listed building character, and we are already seeing strong interest from prospective occupiers who recognise the quality of this redevelopment.
“The flexibility of this facility with Future Growth Capital is well aligned with our business plan as we move into the next phase of occupation for this prime City asset.”
Kristina Foster, head of real estate debt at Future Growth Capital, said: “We are pleased to support Greycoat as it delivers the next phase of its business plan for this high-quality City of London asset. Demand for best-in-class refurbished City offices remains robust, supported by strengthening lease activity, tightening vacancy levels and improving investor sentiment.
“This loan provides an attractive relative return for UK pension savers, underpinned by strong asset fundamentals, resilient market metrics and meaningful equity headroom. This financing also demonstrates how Future Growth Capital’s flexible loan solutions can help bridge the funding gap for high-quality transitional office assets, where other traditional lenders remain constrained.”
Created by Schroders and Phoenix Group, Future Growth Capital aims to make private market investing more accessible to UK pension holders. As part of its strategy, the manager provides property loans ranging from £10m to £30m across the UK real estate market.
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