Pan-European real estate investment manager MARK has secured a £122.8m (€139.3m) loan from Cheyne Capital Management UK to help refinance a new mixed-use scheme in the UK.
The senior loan will be used to refinance a developed, mixed-use scheme known as Borough Yards in south London.
The new scheme includes over 50 units nestled underneath Victorian arches, a cinema and two fully-let office buildings.
Filippo Alessandria of Cheyne Capital Real Estate, said: “At Cheyne we are mostly sector agnostic, focusing instead on lending against quality real estate projects and sponsors who have a proven track record and capabilities to deliver on their business plan.
“The new Borough Yards scheme brings to London Bridge a uniquely designed mixed-use destination, underpinned by unparalleled footfall from nearby Borough Market and Tate Modern. All this is evidenced by the impressive leasing activity at the scheme.”
Landsec’s Southwark office project gets go-ahead
UK commercial property developer Landsec has received planning permission for the redevelopment of Red Lion Court adjacent to Borough Yards.
The new Red Lion Court development will deliver 230,000sqft of offices, retail and open public space on the banks of the River Thames. The development is part of Landsec’s 1m sqft development pipeline to create a green office cluster in Southwark.
Oliver Knight, the head of workplace at Landsec said: “The London market remains resilient, and through our work in Southwark, and more broadly across the rest of London and the UK, we are building a pipeline with optionality baked in – allowing us to bring products that offer the very best locations, amenities and sustainability credentials forward to the market at the most opportune time.
“With The Forge nearing completion and progress being made on site at Timber Square, this approval at Red Lion Court will unlock the next stage of the one million sqft green office cluster we’re developing in the borough.”
To read the latest edition of the latest IPE Real Assets magazine click here.