Investec backs Floreat's West London office building acquisition with £19m loan
Investec Structured Property Finance is providing a £19.3m (€21.7m) loan to Floreat Real Estate to help fund the acquisition of The Old Vinyl Factory development in West London.
Earlier this year, Moorfield Group’s Moorfield Real Estate Fund III (MREF III) sold The Shipping Building at The Old Vinyl Factory development to Floreat’s Real Assets Global Opportunity Fund I.
The building is let to seven occupiers and Floreat plans to refurbish some of the office space and capture future reversion.
Investec Structured Property Finance, which provides bespoke development and investment funding expertise, said it is providing the five-year facility to support the acquisition.
Jonathan Long, at Investec Structured Property Finance, said: “This is our first transaction with Floreat and we look forward to building on this relationship in the future, backed by our expertise including development and investment funding across different sectors.”
Gavin Booth, an investment director at Floreat, said: “We were pleased to work with Investec to secure financing on the asset, which allows us flexibility to execute our business plan.
“The regeneration of the Old Vinyl Factory, together with the arrival of Crossrail, presents a compelling investment opportunity and supports our longer-term strategy of investing in growth locations both in London and the rest of the UK.”