Ultra-urban industrial investor and developer Bloom and Angelo Gordon have secured a £93m debt facility from Nuveen Real Estate for their central London joint venture.
The three-year facility will enable Bloom to develop and reposition the JV’s first six London assets offering a total floorspace of 206,000 sq ft. The assets are a mix of extensive refurbishment and ground-up redevelopments.
Construction has already begun on the development of five units totalling 35,360 sq ft at 146-156 Brixton Hill, in Brixton, with completion expected in November this year.
In Hackney, construction has commenced on the development of two units, totalling 14,045 sq ft, with completion expected in August this year, and in Greenwich, construction will start imminently on the development of five units, offering 35,845 sq ft, with completion expected in the first quarter of 2024.
At the 12-unit estate on Eldon Way, Park Royal, the JV partners are undertaking refurbishment and estate improvement works, in Fulham the Imperial Studios building is being reconfigured and refurbished and in Camberwell a planning application has been submitted for a 52,500 sq ft multi-let industrial estate at 61 Lilford Road. Subject to planning, it is anticipated construction will commence in Q3 2023.
Sam McGirr, co-founder and managing partner of Bloom, said: “This finance will enable our joint venture to deliver high-quality and design-led industrial and logistics schemes in supply-constrained inner London sub-markets. We look forward to developing a long-term relationship with Nuveen”.
Tom Davies, co-founder and managing partner of Bloom, added: “We are pleased to have secured this financing at a sensitive moment in the macro-economic environment and property cycle. We are delighted that Nuveen share our conviction in the long-term investment fundamentals of the London industrial and logistics market”.
Jason Rodrigues, director of real estate debt strategies at Nuveen Real Estate, said: “Angelo Gordon and Bloom have a strong investment thesis and we have been impressed with the Bloom team’s ability to find investment opportunities in a competitive market.
“We are pleased to support them with this three-year financing facility as they build out their portfolio of best-in-class urban logistics assets. We look forward to seeing the progress of the developments and the partnership with Angelo Gordon and Bloom grow.”
Bloom and Angelo Gordon were advised by Conduit Real Estate, Goodwin Procter and Russell Cooke.
