Commercial Property deals

It represents the second transaction between the companies, following a £20m investment facility earlier this year. Prominently located in the city centre opposite Castle Park and immediately adjacent to the Cabot Circus Shopping Centre, the 137,070 sq ft,18-storey Bristol property is let to 17 tenants, spanning sectors including serviced offices, insurance and telecommunications. Floreat intends to let the vacant space and capture some of the reversionary potential at the property.

The 86,985 sq ft landmark Cardiff building, which is c. 80% occupied, is centrally located, with excellent amenities and both of Cardiff’s main stations a short walk away.

Floreat, the independent and privately-owned investment group, has bought the Shipping Building in Hayes which sits within one of the capital’s most significant regeneration schemes and is set to benefit from the arrival of Crossrail. The building is let to seven occupiers including Air transport technology leaders SITA, wireless hi-fi pioneers Sonos and global IT providers CHAMP Cargo Systems. Floreat plans to refurbish some of the office space and capture future reversion.

The multi-let building is located five minutes’ walk from the Hayes & Harlington Crossrail station which opens in 2018, with fast access by rail to both Central London (Paddington 15 minutes) and Heathrow (nine minutes). The wider £250m regeneration of The Old Vinyl Factory will comprise 642 residential units, 500,000 sq. ft. of office space and a variety of restaurants and shops once complete.

Investec Structured Property Finance provided a £32.8m senior debt facility to Meadow Partners to assist with the acquisition and development of an 85,000 sq. ft. data centre in the Docklands. The transaction includes two other commercial buildings on the same site which are income producing during the development phase.

The development is due to finish at the end of 2017 at which point Investec will provide a 20-month stabilisation period. This will allow the client to refinance or sell the asset. Our experience lending into this sector, and to large real estate funds, enabled us to structure and successfully complete this transaction within a tight timeframe.

Investec Structured Property Finance provided a £47.5m stretched senior facility to fund SACO’s development of two Serviced Apartment schemes in Aldgate, London and Edinburgh, Scotland, totalling 240 individual apartments. Development works for the Hammersmith project completed in July 2016. The scheme includes 55 residential units, ranging from studio apartments to 3 bedroom townhouses, and 2,300 sq. ft. of retail space.

The Wimbledon scheme comprises 58 residential units, ranging from single bedroom to 3 bedroom apartments, 6,600 sq. ft. of office space and 23 basement car parking spaces. The development completed in September 2016. Linden Homes is the housebuilding division of Galliford Try plc and is the fifth largest residential developer in the UK, delivering about 3,000 houses and apartments each year. Investec partnered with and assisted Linden Homes by providing a flexible joint venture funding structure on these well-located opportunities.