Investec Structured Property Finance has agreed to provide a £46 mln (€52 mln) financing facility to residential developer Westbourne Capital Partners (WCP) for the acquisition of a 2-acre site in St John’s Wood, North London.
The finance package will support WCP through acquisition and planning, as it explores a number of options including the delivery of a luxury retirement scheme, student housing, or office space, to vary the existing planning permission for 128 residential units.
Simon Brooks at Investec Structured Property Finance commented: 'Despite wider market uncertainty, we continue to be proactive in supporting our clients where they see opportunities.'
'The importance of having a Bank alongside us that really understands the intricacies of acquisition and planning finance is key on a scheme like this and Investec fits this bill perfectly,' added Johnny Sandelson, partner at Wellesbourne Capital Partners.
This is the second WCP scheme that Investec has financed, having earlier this year provided a £55 mln facility for the development of 55 later life residential apartments and over 30,000 sq ft of state of the art amenity space in Chelsea, South West London.
