UK privately held investor Topland Group has increased its direct exposure to the UK residential market with the acquisition of a block of flats in southwest London for around £11 mln (€13 mln).
UK privately held investor Topland Group has increased its direct exposure to the UK residential market with the acquisition of a block of flats in southwest London for around £11 mln (€13 mln).
The off-market deal marks Topland’s first foray into the private rental sector.
Brittany House was acquired from a client of Chesterton Humberts and is located on the corner of Upper Richmond Road and Balmuir Garden overlooking Putney Lawn Tennis Club. It is a freehold site of 0.36 acres and is made up of 20 two-bedroom flats, two three-bedroom flats and four two-bedroom penthouses.
'Topland has been seeking to increase its exposure to prime residential through our lending business, but also through joint venture equity stakes and direct investment,' said Topland’s managing director Mark Kingston.
The company recently provided a £36 mln senior debt bridging loan to LJ Group to enable planning to be sought for a five-acre site on Bishops Avenue.
Topland has completed close to 50 loans in excess of £300 mln to date. In the third quarter of this year alone, the firm deployed £100 mln by means of a wide variety of funding structures.
In April this year, Topland acquired a prime 3.4 acre site next to Wentworth Golf Course in Surrey in a joint venture with Urban Exposure and secured planning permission for a 28,000 sq ft mansion with a gross development value in excess of £30 mln.
Mark Holliday, head of investment at Chesterton Humbert which will manage the block at Putney said: 'The local investment market south of the river has improved dramatically over the last 12 months.'
