ASK Partners has provided a £19.8m senior development facility to Compound Real Estate to support the delivery of a self-storage-led mixed-use development in Guildford.
The funding will refinance the existing site acquisition loan and provide development finance for a scheme comprising 60,450 sq. ft of self-storage, retail, maker space and flexible office accommodation.
The development, which is located on a corner site opposite Ladymead Retail Park, forms part of Compound’s growing self-storage platform across London and the South East and will be operated by Flexiss Group.
Joe Freedman, head of origination at ASK Partners, said: “We are pleased to support Compound on this transaction. Jacob and the team have built a strong platform with a clear strategy and we look forward to working with them as they continue to scale their self-storage portfolio. This facility provides the capital required to deliver a high quality scheme in a compelling sector with strong long-term fundamentals.”
Jacob Sandelson, founder and CEO of Compound Real Estate, added: “This financing is an important milestone for Compound and supports the delivery of our flagship Guildford scheme. The scheme occupies one of the most prominent locations in the town and will provide a best-in-class self-storage facility alongside complementary retail and office space. ASK understood both the opportunity and our long-term ambitions, making them a natural funding partner for the next stage of our growth.”
