Octopus Real Estate

Octopus Real Estate completes £8m loan for acquisition of House of Fraser building

Octopus Real Estate has provided an £8m loan to wealth performance management firm Prydis in support of the latter’s acquisition of a former House of Fraser store in Exeter.

The Prydis team — which secured exclusivity for the acquisition from DTZ IM — has been granted planning consent to comprehensively refurbish and extend the vacant 65,000 sq ft department store.

Prydis plans to deliver a mixed-use scheme with retail units on the ground floor, and a luxury hotel and restaurant above.

The building’s extension will also provide a rooftop bar and terrace. 

In partnership with design construction consultancy Expedite, Prydis hopes to begin the development this summer.

“This is an extremely well-located asset in the heart of an important regional city,” said Dominic Gibson, investment director at Octopus Real Estate.

“We are well-known supporters of regional real estate investment and have a strong appetite to fund capable borrowers investing in assets of this nature.”

Nick Cross, director at Prydis, added: “We have put together a sympathetic and relevant redevelopment of the property, which will make the most of all this historic city has to offer.”

Sign up to our newsletter to receive more news like this story

I accept that by joining the DFT mailing list, I will receive relevant news and promotional material via DFT on behalf of its partners and advertisers. Your data will not be passed on to any third party.
No, thanks, just the news please.

Leave a comment