UK developer-investor CNM Estates has announced the acquisition of Tolworth Tower, a modernist tower located within the Royal Borough of Kingston Upon Thames, London.

UK developer-investor CNM Estates has announced the acquisition of Tolworth Tower, a modernist tower located within the Royal Borough of Kingston Upon Thames, London.

The 22-storey structure was originally completed in 1964 and designed by renowned architect Richard Seifert & Partners. It includes a Marks & Spencer Foodhall as well as 120-bed Travelodge Hotel.

CNM plans to invigorate new life into the Tower with an initial capital investment programme of some £10 mln (€14 mln) over the next year. In addition, CNM said it has lodged a planning application for apartments, office space and substantial upgrade to the public realm.

Funds advised by Venn Partners have provided a total of £42 mln in senior acquisition and capital expenditure funding to finance the first phase of development. Venn was joined by Aprirose Real Estate Investment who has provided the mezzanine finance facility for the acquisition.

Natale Giostra, head of Treasury and Capital Markets at CNM Estates said: 'CNM Estates has a substantial balance sheet and own resources to deploy in the acquisition of new development sites and regeneration investment opportunities. We have a current pipeline of over 20 sites, majority located in the Royal Borough of Kingston upon Thames and surrounding areas for an expected gross development value (GDV) of over £1 bn.'

Aprirose has £1 bn property portfolio and this is the first time it has provided a mezzanine debt facility for another property owner. 'This is an exciting development for our business,' added Gary Jones, Chief Operation Officer, Aprirose Real Estate Investment.

Brown Rudnick and Fladgate provided legal advice to CNM Estates; King & Wood Mallesons, Katten Muchin Rosenman and Reed Smith advised the lenders.

Lambert Smith Hampton and Arcadis provided valuation and property due diligence. BCM Real Estate advised Aprirose Real Estate Investment.