Office development

Arc & Co completes £27m development loan for office project

Arc & Co has arranged a £27m development facility with Burrington Estates for a scheme on the outskirts of Exeter.

The 18-month loan from Octopus Real Estate — which was secured against four office buildings totalling 170,000 sq ft — refinanced the developer’s existing debt and funded the capital expenditure works on two of the offices: Clyst and Brook House. 

The deal was under tight time constraints as the two offices had leases agreed and due to start in the new year.

Arc & Co was able to secure a competitive solution to ensure funding was provided to meet the client’s overall strategy. 

“Octopus Real Estate and Burrington Estates were both a pleasure to work with,” said Cameron Hayes, asset finance advisor at Arc & Co.

“All parties were very cooperative and worked with speed to deliver this on time.”

Matthew Bennett, commercial managing director at Burrington Estate, added: “It was the first time working with Arc & Co, and they were excellent in helping us deliver this within eight weeks. 

“We look forward to building the relationship with them as 2021/22 evolves.”

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