Greenridge Opportunities Fund, a vehicle sponsored by Greenridge Investment Management, has secured a £22m loan from Investec Bank to finance the acquisition and rolling refurbishment of 3 Temple Quay in Bristol.
Greenridge initially acquired the 100,000 sq ft office building with equity and, post-acquisition, Investec was approached to provide funding. The subsequent 48-month facility comprises an initial tranche alongside a capital expenditure tranche to fund a phased refurbishment programme.
The refurbishment will deliver significant upgrades to mechanical and electrical systems, office floorplates and communal areas.
Alice Harman, from Investec Real Estate, said: “This transaction demonstrates Investec’s ability to deliver structured and flexible financing solutions that align closely with a client’s asset management strategy. The phased refurbishment and tenants in situ called for a tailored approach, and Investec was pleased to support Greenridge with a collaborative facility that enables the transformation of a prime Bristol office asset while preserving income throughout the business plan.”
Tracey Folkes, from Greenridge Investment Management, added: “The market is facing significant supply constraints, further exacerbated by the impact of impending energy regulations. Bristol is a key market outside of London, and Greenridge is delighted to have secured this asset in a prominent location that is benefiting from wider regeneration.
“Investec’s support and understanding of the phased works programme were central to implementing Greenridge’s business plan, providing the flexibility to refurbish the building while retaining existing tenants and income. This financing underpins Greenridge’s strategy of repositioning high quality assets to provide modern, energy efficient workspace that aligns with evolving occupier needs in the office sector.”
