Fortwell Capital

Fortwell Capital funds speculative Cardiff office project for Create Real Estate

Fortwell Capital has completed a £5.4m loan facility for Create Real Estate for the acquisition and speculative refurbishment of two major office buildings in Cardiff city centre.

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.

“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."

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