Investec’s Structured Property Finance team (“Investec”) announces that it has agreed to provide a joint venture between established real estate firms Beltane Asset Management and Chenavari (the “JV”) with an £8.5 million facility to refinance an existing loan secured against a newly developed Grade-A office building in Guildford, Surrey.
The six storey, 45,737 sq ft property, which includes a ground floor retail offering, presents an attractive leasing opportunity. Designed to meet high standards of sustainability, it’s been extended by two floors and offers 47 parking spaces with an additional undercroft car park. With a landscaped communal garden, the building will offer a real sense of community with employee wellbeing at its centre.
The facility will support the JV as it advances discussions with potential tenants for the office space. An agreement for lease has been secured with Co-op Foods for the entire retail premise.
Matthew Robinson, Investec, commented: “We continue to back best-in-class asset managers who have a proven track record of extracting maximum value from repositioning real estate. This loan is in line with our strategy of funding high quality office schemes located in strong regional hubs and commuter towns, which are set to be increasingly attractive to a range of occupiers as office requirements evolve as a result of the Covid-19 pandemic.”