Investec Real Estate has provided Commercial Estates Group (CEG) with a £13.7m investment loan secured against its 73,000 sq ft 1000 Aztec West office building in Bristol.
CEG completed the Grade A building, which is the South West’s first net zero carbon out-of-town development, in December last year.
The all-electric building is powered by renewable energy and has a BREEAM Excellent and EPC A rating.
The facility refinances an existing development loan and is the first transaction between the two parties.
Ian Burdett, from Investec Real Estate, said: “This loan reflects our conviction that high quality, thoughtfully designed and sustainable offices, located in catchment areas with compelling fundamentals, will be highly sought after and command the highest rents. Offering city centre quality design, 1000 Aztec West is a unique proposition for occupiers that recognise how important the physical environment is in talent acquisition and retention.
“This first transaction with CEG, a leading regional real estate investor and developer, aligns with our focus on establishing new borrower relationships, which is key to our continued loan book growth.”
Paul Richardson, investment manager at CEG, added: “1000 Aztec West was redesigned with modern tenants’ key requirements in mind. From environmental sustainability and data connectivity, to the wide variety of onsite facilities designed to maximise staff wellbeing, we have delivered city centre specifications not seen in out-of-town Bristol before. Investec’s loan shows a commitment to a creative type of lending and has provided a pathway that will allow the property’s value to be maximised.”
