Investec Property — which was integrated into the structured property finance business in June 2019 to better streamline the combined equity and debt offering — made the original equity investments (a mix of development and investment).
After executing on each assets’ individual business plan, Investec realised a total of £101m through the disposals, alongside its JV partners.
- Some of the liquidity in the development market has 'definitely disappeared'
- Investec to lend £17.5m to fund PBSA development in Bloomsbury
- Investec funds £12.3m acquisition of Clapham Junction Buy-to-Rent scheme
- Panther House, an office scheme with consent for a significant refurbishment on Gray’s Inn Road, London, acquired in JV with Argo and Dukelease and sold in June 2020 for £36m. Investec also provided a £17m investment loan to the JV.
- Imperial Park, Newport, disposed of in March 2020 for £15m
- Kings House, Hammersmith, developed in JV with Kier and sold in September 2019 for £50m.
“We’re pleased to have completed these transactions with our partners and continue to look for opportunities to support them however we can,” said Kai Chu, property investment at Investec.
“This is not about multiple one-off deals with different counterparties, rather a continuation of our ethos of being a client-focused lender, working with aligned partners we can do repeat business with — which is more important than ever in the current environment.”
During the Covid-19 pandemic, Investec provided a £12.5m loan for the acquisition of a BTR asset in Clapham and a £17.5m development loan for a PBSA scheme in Bloomsbury.
Will Scoular, director at Investec, added: “Despite the challenges presented by Covid-19, appetite for our funding solutions has remained resilient and, during lockdown, we have continued to close new loans across a number of different sectors, including residential investment and development, as well as commercial offices.
“There is a clear opportunity for flexible, disciplined and highly-experienced lenders like ourselves to meet the demand we are seeing from both new and longstanding clients.”