The now-completed purchase includes two separate four-storey office buildings, Dumfried House and Marchmount House, totalling approximately 43,000 sq ft.
The initial deal, which was kicked off in Q4 2019, marks the beginning of a planned long-term strategic relationship between Fortwell and Create.
This represents the lender’s first deal in Wales.
Nikos Yerolemou, associate director at Fortwell Capital, said: “We believe in the long-term resilience of the office building sector, especially with Cardiff’s fundamentals, and are delighted to support Create with the acquisition of Dumfries and Marchmount House.
- CrowdProperty nears £100m lending milestone with 'big ambitions' ahead
- Fortwell Capital provides £12.5m facility to care home developer
- Fortwell Capital lends £23m for 290,000 sq ft industrial scheme development
“The project team is particularly pleased to have pushed ahead with the funding through the Covid-19 pandemic, aligning ourselves quickly with Create’s vision and to complete the deal on schedule.”
He added that the value-add facility complemented Fortwell’s property portfolio perfectly, and that the lender was looking forward to working with the investor-developer again in the future.
Ricky Humphreys, director at Create Real Estate, commented: “These prominent office buildings are in an excellent location with huge potential to modernise them.
“Our approach will provide much-needed, high quality workspace in a sustainable way by retaining and refurbishing the buildings that may otherwise be demolished."