Palmer Capital has taken control of a mixed-use development project in the UK city of Bristol though the purchase of non-performing loans.
Palmer Capital has taken control of a mixed-use development project in the UK city of Bristol though the purchase of non-performing loans.
The UK-based asset manager announced on 29 November that it has completed the acquisition of the remaining 50% of the debt secured against Finzels Reach - a mixed-used development project in Bristol city centre.
Palmer had already purchased 50% of the debt from Deutsche Postbank in August 2013.
The project has an estimated gross development value of £150 mln (€180 mln). Palmer Capital is undertaking a project review with Cubex Land, a Bristol-based developer and Palmer Capital-backed company, in order to progress the development.
Finzels Reach is a 1.9-hectare mixed-use regeneration project in the heart of Bristol’s business district which has planning consent for 400 apartments, 28,000 m2 of offices and 8,360 m2 of retail.
Palmer Capital anticipates a phased delivery of the project with completion expected in mid-2016.
