ICG Real Estate, the real estate division of global alternative asset manager Intermediate Capital Group (ICG), is providing financing for the redevelopment of a property on London’s Southbank.
ICG said it is providing a whole loan to AnaCap Financial Partners and asset manager Maya Capital, which announced last October that they were acquiring the scheme at 160 Blackfriars Road in East London for a major refurbishment.
Working with Maya Capital, AnaCap aims to create an ESG-focused mixed-use property, comprising 92,000 sq ft (8,547 m2) of refurbished offices, a new hotel in excess of 200 rooms and ground floor retail.
Although ICG did not provide details, the loan is understood to amount to around £80 mln (€94.7 mln), according to a source familiar with the transaction.
The investment is being sourced from ICG Real Estate Debt VI, the latest fund of ICG Real Estate’s Partnership Capital strategy, which is targeting £1.5 bn of commitments.
The strategy launched in 2011 and has committed £3.4 bn in 107 transactions to date. The latest fund focuses predominantly on self-originated whole loans, together with mezzanine loans and preferred equity, secured against UK and Northern and Western European commercial real estate. The fund also has a sustainable objective, focusing on investments which help to mitigate climate change through its Green Loan Framework.
Martin Wheeler, managing director of ICG Real Estate, commented: ‘Our latest loan to AnaCap Financial Partners underscores our continued commitment to supporting experienced investors and asset managers on value-add projects with strong sustainability credentials and thus contribute to the global movement against climate change.’
London-listed ICG Real Estate currently manages $6.7 bn AUM in real estate equity and debt strategies and invests across the capital structure in both real estate assets and corporate platforms.
