Investec Bank has provided Kennedy Wilson with an £11.3m loan to fund the acquisition and repositioning of the Horatius Way industrial open storage (IOS) site in Croydon.
The 4.6-acre freehold site, which was formerly occupied by BT, comprises approximately 186,500 sq ft of open storage space.
The facility will support Kennedy Wilson’s business plan to undertake targeted capital works to upgrade the site, including improvements to surfacing, security, utilities and subdivision.
Mike Russell, from Investec Real Estate, said: “Having established a strong track record of financing best-in-class industrial and logistics assets, this facility marks our debut investment in a growing sub-sector that is supported by attractive underlying fundamentals and further enhances our client offering.
“It also reflects our ability to work closely with experienced sponsors to deliver tailored, asset-backed financing solutions that support clearly defined value-creation strategies. This financing enables Kennedy Wilson to execute its business plan efficiently, enhancing the quality and flexibility of the accommodation to meet occupier demand in South London.”
Joe Taylder, from Kennedy Wilson, added: “Investec’s support has been instrumental in enabling the acquisition and repositioning of Horatius Way. Their understanding of the industrial open storage sector and collaborative approach to structuring the facility has provided us with the flexibility and certainty required to progress our investment strategy. We value the partnership and look forward to working together as we enhance the site to meet growing occupier requirements.”
