The investor also intends to refurbish and reposition the apartments to deliver residential offering
Investec Real Estate has provided real estate investor Meadow Partners with a 36-month £11.2 million senior loan to support its acquisition of a prime mixed-use building on Northdown Street in King’s Cross, London.
Designed and developed in 2007, the five-storey building offers 14 apartments, including a penthouse with views across London, and approximately 8,200 square feet of office space on the lower ground, ground and first floors.
Meadow intends to refurbish and reposition the apartments, the entrance lobby, and the building’s common areas to deliver a residential offering to the undersupplied King’s Cross market. Centrally located within five minutes’ walk of two of London’s busiest transport hubs, London King’s Cross and St. Pancras International stations, the building provides residents and tenants with access to London Underground, National Rail, and Eurostar services.
As part of the transaction, Investec has also provided Meadow with over £71 million of senior financing across four schemes in London in the residential, office, and data centre sectors.
“This transaction further solidifies our relationship with Meadow, a long-standing real estate and cross-bank client,” Jonathan Long, head of corporate real estate at Investec, commented. “The current macroeconomic backdrop is challenging, but also offers a rare investment opportunity for those highly experienced value-add managers with embedded local teams.
“London’s status as Europe’s dominant commercial and cultural hub remains unchallenged, underpinning our high conviction in select residential and office schemes such as this.”
Andrew McDaniel, co-founder and partner at Meadow Partners, added that given the undersupply of suitable residential accommodation in London, coupled with the shortage of office space for SMEs in the King’s Cross submarket, the transaction represents the successful execution of Meadow’s strong boots-on-the-ground team in the UK.
“We are pleased to once again partner with Investec to bring a transaction to fruition and look forward to continuing to grow our strategic relationship,” McDaniel said.
