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.

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“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."