Investec Real Estate has provided City & Docklands Group with a £50m investment loan secured against 149 newly completed luxury apartments at the One West Point residential scheme in West London.
The one- and two-bed for sale and rent apartments are 100% occupied and form the second phase of the One West Point scheme, which sits at the heart of the North Acton/Old Oak & Park Royal (OPDC) regeneration area.
The £50m facility, which refinances an existing loan, is the sixth transaction between the two parties.
Ian Burdett, from Investec Real Estate, said: “Living continues to be a conviction sector for us due to its compelling supply/demand fundamentals. The London market remains particularly constrained and in City & Docklands we have a partner that has a track record of delivering highly successful mixed tenure projects.
“One West Point is already an iconic sight on the West London skyline and the speed at which it has been occupied is testament to the quality of the finished asset. Building on our strong, longstanding wider bank relationship with City & Docklands, this latest facility demonstrates our competitiveness in the refinancing space, which we anticipate continuing to be a significant part of our loan origination in 2024.”
Gary Sacks, CEO at City & Docklands, added: “As always, working with Investec on this refinance was a pleasure. Their commercial approach to the transaction was refreshing in a market where financing real estate has become increasingly difficult. The debt package provided has enabled us to fully stabilise our BTR offering so we can build our in-house management brand AWOL whilst continuing to offer a five star service to our tenants. We are pleased to add another successful deal to our ongoing relationship with Investec Bank.”
