Investec Structured Property Finance has arranged a £72m (€82.1m) loan to fund a 140,000sqft residential and co-working development in London.
Investec said it will provide the finance to The LabTech Group, a digital and real estate development and investment business owned by Israeli billionaire Teddy Sagi to fund the mixed-use scheme located on Camley Street in King’s Cross.
Initial works have commenced on the scheme and practical completion is expected in 2020.
Investec, which will commit £43m, has also arranged a £29m debt with Bank HaPoalim.
Simon Brooks, a co-head of origination at Investec, said: “We’ve been working hard to build strategic partnerships with like-minded lenders so that we can support our clients beyond the scope of our own balance sheet.”
This year, Investec has already arranged over £400m of development finance, across projects that will deliver more than 1,150 new units.
“We are glad that with the relationships we have built with other lenders such as Bank HaPoalim and Harel, we have been able to build on our capability and support our clients,” Brooks said.
