Real estate fund manager Redevco has closed its first loan investment from its recently launched real estate debt platform.
The £47.5m (€56.8m) facility will support the acquisition and refurbishment of a 56,000sqft office-led scheme at 10 Salisbury Square in the City of London. The property is being redeveloped by Original Works, a new platform sponsored by Invesco Real Estate.
Neil Slater, CEO of Redevco, said: “Our expansion into real estate debt is an important addition to our core investment capabilities. This landmark first loan embodies our mission of transformative real estate and building value for investors. It is exciting to partner with leading institutional sponsors on projects like this and a proud moment for all at Redevco.”
Richard Craddock, head of real estate debt at Redevco, said: “We are delighted to be supporting Invesco and the Original Works platform through this financing, which squarely aligns with our strategy to fund best-in-market, future-aligned assets, that deliver sustainable outcomes. We look forward to continuing to mobilise private capital, delivering strong, consistent returns with impact, for our balance sheet and co-investment partners.”
Mike Rayner, director of Original Works, said: “This facility provides us with a bespoke financing solution that allows us to execute on our plans for 10 Salisbury Square. We look forward to creating a unique building that caters to increasing occupier demand for high-quality, sustainable workspaces. Our shared vision for repositioning core office assets meant the collaboration was a natural fit for everyone”
Redevco said its real estate debt team provides loans across all major European markets and asset classes, supporting borrowers in optimising their business plans with tailored funding solutions. It is focusing on sustainable outcomes, including acquisition and capex, as well as development financing, typically under green loans or sustainability-linked loan frameworks.
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