Investec Real Estate has provided City & Docklands Group, the London property developer, with a £50 mln (€59 mln) investment loan, secured against 149 newly completed apartments at One West Point, a residential scheme in West London.
The facility, which refinances an existing loan, is the sixth transaction between the two parties.
Completed in 2022 and 100% occupied, the 149 one and two bed apartments, a mix of for sale and rent, form the second phase of One West Point, a 54-storey residence located in the North Acton/Old Oak & Park Royal (OPDC) regeneration area.
London’s tallest residential tower outside of Canary Wharf features a gym and holistic studio, Tian Tian Asian supermarket and landscaped gardens, plus a residents’ app and 24hr concierge.
Ian Burdett at Investec Real Estate, commented: 'Living continues to be a conviction sector for us due to its compelling supply/demand fundamentals.
'The London market remains particularly constrained and in City & Docklands we have a partner that has a track record of delivering highly successful mixed tenure projects.
'One West Point is already an iconic sight on the West London skyline and the speed at which it has been occupied is testament to the quality of the finished asset.
'Building on our strong, longstanding wider bank relationship with City & Docklands, this latest facility demonstrates our competitiveness in the refinancing space, which we anticipate continuing to be a significant part of our loan origination in 2024.'
Gary Sacks, CEO at City & Docklands, commented: 'As always, working with Investec on this refinance was a pleasure. Their commercial approach to the transaction was refreshing in a market where financing real estate has become increasingly difficult.
'The debt package provided has enabled us to fully stabilise our BTR offering so we can build our inhouse management brand AWOL whilst continuing to offer a five star service to our tenants. We are pleased to add another successful deal to our ongoing relationship with Investec Bank.'
