Ingenious Real Estate has secured a £16m loan from Arc & Co to finance the development of a 30,000 sq ft light industrial scheme in Battersea, south west London.
Ingenious secured planning permission for the scheme in May and work on site is expected to complete in autumn next year, at which point the developer will look to lease and hold through refinancing onto a longer-term facility. The facility with Arc & Co has been arranged at a loan-to-gross-development-value (LTGDV) of 65%.
Cameron Hayes, asset finance advisor at Arc & Co, said: “Ingenious Real Estate is one of the leading specialist funds for speculative commercial developments and was extremely flexible to work with throughout the arrangement of these loans. We look forward to seeing the project built out and working with our client on the refinancing once work has been completed.”
Harry Cloke, investment director at Ingenious Real Estate, added: “This is a highly experienced developer and another top introduction from Arc & Co. We are delighted to be continuing the project into the development phase and adding to our ever-growing industrial strategy alongside our more established residential, mixed-use and bridging offering.”
