Investec Structured Property Finance has more than doubled its investment loan to Floreat Real Estate with the provision of a further £29m (€32.6m) facility.
In May, Investec provided a £19.3m loan to Floreat to help fund the acquisition of The Old Vinyl Factory development in West London.
Investec said it will provide Floreat with a new £29m loan to reposition and enhance existing income at two multi-let office buildings in Bristol and Cardiff.
The 137,070sqft,18-storey Bristol property is let to 17 tenants. Floreat said it intends to let the vacant space and ”capture some of the reversionary potential at the property”.
The 86,985sqft Cardiff building is 80% occupied.
Jonathan Long, at Investec Structured Property Finance, said: “Floreat is an established and dynamic real estate business with whom we are pleased to be working with again so soon after our funding arrangement in Hayes.
“We continue to seek opportunities to broaden our loan book exposure and provide clients with access to financing across the real estate lifecycle. This type of facility, with a repeat client, fits well with this strategy.”
Gavin Booth, an investment director at Floreat, said: “We’re pleased to have worked with Investec once again to secure financing. The loan gives us the flexibility to deliver to our business plans and helps enhance the income profile of the assets for our clients.”
