European commercial real estate lender Aeriance Investments has granted three residential loans worth a total of £65 mln (€80 mln) on behalf of its Opportunistic Real Estate Loan Fund 2.
European commercial real estate lender Aeriance Investments has granted three residential loans worth a total of £65 mln (€80 mln) on behalf of its Opportunistic Real Estate Loan Fund 2.
Aeriance, which in 2013 issued over €240 mln of loans, said it has underwritten a £38 mln loan in respect of two office building acquisitions in London's Queensway and Covent Garden which will both be redeveloped as high-end residential apartments.
A further two bridging loans have also been provided; one loan of £27 mln was advanced to an existing customer to allow it to acquire the freehold of an office building in Belgrave Square, London which will be converted back into prime residential space.
The second loan of €16 mln was granted to acquire two sea villas in Cannes, France which will be refurbished and extended.
OREL 2 is a closed-end €500 mln fund focused exclusively on senior and junior short term and development financing loans aimed at high end residential properties located in London and South East England.
Commenting, Harin Thaker, Chief Executive Aeriance Investments, said: 'In London, the prime residential market continues to offer a number of interesting opportunities, and we are still seeing significant appetite from a variety of developers. Whilst we will remain very discerning about who we lend to, we are keen to increase the volume of our loan book over the remainder of the year, as we continue to deliver competitive products to the market.'