Investec Structured Property Finance (“Investec SPF”) and Capital A Finance Plc (“Capital A”), today announce that they have completed a joint £26.9million debt facility to support a residential redevelopment scheme on High Street Kensington, for English Rose Estates Limited, a boutique London-focused developer. In addition to this debt facility, further mezzanine finance will be provided by Contour Capital.
The facility will be used to fund the acquisition and conversion of the upper floors of 151-161 High Street Kensington into 27 apartments of varying sizes over a total of 24,500 sq. ft. The proposed conversion has already received planning permission and is due to be completed in the Spring of 2015. The redeveloped property has an estimated gross development value in the region of £50million.
Investec SPF, a provider of development and investment finance for commercial, residential and mixed-use schemes, has supported its clients with facilities to the value of £80million during September. Capital A, the specialist real estate debt provider, has closed more than 20 transactions in the past 12 months and has a total committed loan book of around £250million.