Puma Property Finance has provided a £45m loan to Victory Group to fund the redevelopment of a 22,000 sq ft office building on Jermyn Street in St James’s, London.
The deep retrofit of the building, which features dedicated retail space on the ground floor and office space above, will include a new front façade, extensive upgrades to the interior, the creation of an additional office floor, a large communal roof terrace and new end-of-trip facilities.
This is Puma’s first partnership with Victory and the Jermyn Street scheme is Victory’s first UK redevelopment.
Erik Moresco, founder and managing partner of Victory Group, said: “The partnership with Puma is a significant milestone in bringing our vision for the site to life and unlocking the potential of this project, which exemplifies our commitment to sustainably bringing buildings back to life through thoughtful repurposing. We are pleased to be bringing our expertise and knowledge to this debut London project and look forward to delivering a product that preserves the historic fabric while delivering outstanding service and quality to the market.”
Eliot Kaye, managing director at Puma Property Finance, added: “We are delighted to be supporting Victory Group on the redevelopment of this site into a best-in-class, highly sustainable office building in the heart of St James’s. The project represents the very best of modern redevelopment: a prime location, outstanding ESG credentials and a commitment to delivering long-term value for both occupiers and the local community. We look forward to seeing the Jermyn Street site come to life in the coming months and to working closely with Victory again in the future.”
