Investec Real Estate has issued a 拢50m (鈧�58.4m) loan to London property developer City & Docklands, secured against 149 newly completed luxury apartments.
Investec said the loan, which refinances an existing loan, is secured against the apartments at the One West Point residential scheme in West London.
Ian Burdett at Investec Real Estate, said: 鈥淟iving 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.鈥�
The deal marks the sixth transaction between the two firms.
Burdett added: 鈥淏uilding 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.鈥�
Gary Sacks, CEO at City & Docklands, said: 鈥淎s 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.
鈥淭he debt package provided has enabled us to fully stabilise our build-to-rent offering so we can build our in-house management brand AWOL whilst continuing to offer a five-star service to our tenants.鈥�
To read the latest 91传媒在线 magazine click here.
