The real estate division of global asset manager Intermediate Capital Group (ICG) has completed a £90 mln (€98 mln) senior loan secured by a London office portfolio.
The portfolio is owned by Maurice Investments, a privately-owned investment and development company with a primary focus on the technology, media and telecoms sectors in East Central London.
The portfolio is situated in Old Street, Shoreditch, Clerkenwell and Aldgate. Several of the assets have already received Cat A refurbishments and are all expected to benefit from the growing tech sector and connection improvements on Crossrail, as well as the continued regeneration of the area.
‘We are delighted to have concluded this financing with Maurice Investments despite the challenges presented by Covid-19,’ said Louise Dooly, managing director at ICG Real Estate. ‘The group has continually invested in this portfolio over several years in response to changing occupier needs, and it now delivers first class office and amenity space to support the demands and wellbeing of their growing list of tenants. These dynamics will be a key focus for the office environments and workplaces of the future, and we look forward to supporting Maurice as they continue their investment programme.’
Gavin Wogman, managing director at Maurice Investments added; ‘Over the last eight years we have invested heavily into our portfolio, bringing them up to best in class through refurbishment or development programs to include Cat A or Cat B fit outs and with a heavy focus on sustainability, well-being and smart building technologies.’
ICG Real Estate has over €4.9bn of real estate private equity and private debt assets under management across its four strategies - Senior Debt, Partnership Capital, Development and Sale and Leaseback.
Debt advisory firm Kingwood Associates acted for Maurice Investments.
