Real estate investor, asset manager and developer CEG has refinanced eight office properties across the UK using a £64.5 mln (€77.4 mln) loan from OakNorth Bank.
These sites, totaling approximately 65,032 m2 are located in Nottingham, Birmingham, Manchester, Crewe, Warrington, Glasgow, and two in Edinburgh.
The eight office buildings, comprising 119 units, offer amenities such as cafes, gyms, and breakout spaces, along with ample parking and cycle storage.
Gerard Versteegh, founder & chairman of CEG, commented: ‘Working closely with Damien and the OakNorth team on this transaction was extremely positive. Their transparency and responsiveness throughout the entire process was extremely helpful and it was clear from our first meeting that they had a strong knowledge of the UK’s commercial real estate market across all seven of the site locations.’
Damien Hughes, senior director of Property Finance at OakNorth, added: ‘This deal presented an opportunity to refinance a core office portfolio with a best-in-class sponsor who continues to be highly active in the sector. With demand for high-quality office spaces across the UK continuing to outstrip supply, driven by occupiers seeking the best quality, most sustainable, and best-located sites, the CEG group is in a perfect position to capitalise on this tailwind.’
CEG is a multi-sector real estate company (residential, office, industrial, and land) with a portfolio valued at approximately £800 mln (€959.7 mln) covering 557,418 m2 of land.
