Investec has agreed to provide a joint venture with an £8.5m facility to refinance an existing loan against an office building in Guildford.
Investec’s structured property finance team has agreed to provide a joint venture between real estate firms Beltane Asset Management and Chenavari, with an £8.5m facility to refinance an existing loan secured against a newly developed Grade-A office building in Guildford, Surrey.
The six storey, 45,737 square foot property includes a ground floor retail offering, has been extended by two floors, and offers 47 parking spaces with an additional undercroft car park as well as a communal garden.
The facility will support the joint venture as it advances discussions with potential tenants for the office space. An agreement for lease has been secured with Co-op Foods for the entire retail premise.
Matthew Robinson, structured property finance, Investec, said: “We continue to back best-in-class asset managers who have a proven track record of extracting maximum value from repositioning real estate.
"This loan is in line with our strategy of funding high quality office schemes located in strong regional hubs and commuter towns, which are set to be increasingly attractive to a range of occupiers as office requirements evolve as a result of the COVID-19 pandemic.”
