King's Cross

Investec arranges £72m loan for major King's Cross development

Investec Structured Property Finance has arranged £72m of funding to support the LabTech Group’s development of a major 140,000 sq ft mixed-use scheme in King’s Cross, London.

The specialist lender has provided a £43m commitment to the digital and real estate development and investment business – owned by Teddy Sagi – as well as arranging £29m of debt with Israeli bank, Bank HaPoalim. 

The scheme (pictured above) is located on Camley Street, adjacent to King’s Cross Central, and has planning consent for 121 one-, two- and three-bed luxury apartments and 29,000 sq ft of co-working space. 

The apartments will be let and operated by LABS LIVE and the flexible office space will be provided under the LABS co-working platform. 

Initial works have commenced on the scheme and practical completion is expected in 2020. 

“With a track record of supporting entrepreneurs in adding and creating value through the delivery of high-quality schemes in prime locations, we look forward to building a long-lasting working relationship with Teddy Sagi and supporting the growth of his diverse real estate portfolio,” said Joshua Weinstein at Investec.

“101 Camley will be a pioneering scheme, offering LABS customers a diverse range of services across the spectrum of co-working and living needs.”

Chen Moravksy, president and CEO at the LabTech Group, added: “This is a very exciting project for the LabTech Group, creating another valuable LABS ecosystem for co-working, living and events. 

“We are delighted to be working with Investec on this project and look forward to a long and beneficial relationship.”

The announcement comes after Investec raised £195m for the Cain International-led consortium the Stage Shoreditch LLP to fund the development of the Stage. 

“We’ve been working hard to build strategic partnerships with like-minded lenders so that we can support our clients beyond the scope of our own balance sheet,” said Simon Brooks, co-head of origination at Investec. 

“101 Camley Street and the Stage represent two substantial transactions being pursued by leading entrepreneurs.”

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