Tristan Capital has secured £65m from Leumi UK and Martley Capital to refinance its Campus office building at Reading International Business Park.
Leumi UK has provided a £38m senior lending facility and Martley Capital Group, in partnership with Glade Capital, has provided a £27m mezzanine loan.
Tristan acquired the 385,416 sq ft building in December 2020 and undertook an extensive refurbishment, which won the BCO award for ‘Best Refurbished Workplace in South of England and South Wales’. Its business plan for the asset going forward is to achieve further new lettings to drive occupancy.
Tom Tunley, director of debt capital markets at Martley Capital Group said: “Closing this transaction prior to Christmas was a brilliant way to end the year for the capital markets team at Martley; it deepens our already well established working relationship with both Tristan and Leumi UK, but also is a signal of intent going into 2025.
“We feel the partnership between the three companies is a perfect blend to enable the continuation of the value-add business plan following the tremendous work done to date by Tristan as well as the strong market fundamentals for high quality out of town offices in the greater Reading area, a sector we have a high amount of conviction for.”
Gez O’Sullivan, relationship director at Leumi UK, added: “This financing is a great example of what differentiates Leumi UK, showcasing our ability to effectively execute a transaction that required close collaboration. We pride ourselves on our granular sector-specific expertise and relationship-driven approach, and in Tristan and Martley, we are confident we have the right partners in place. There is a lack of quality regional office space in this country so, with its compelling business plan and strong fundamentals, Campus is very well positioned.”
