AshbyCapital, the property investment advisory company, has secured a £105m (€123m) loan facility for its 50% stake in Fitzroy Place, the recently completed mixed-use development in London’s Fitzrovia, which it acquired on behalf of its group investment company last November.
The financing, at a loan-to-value ratio of around 50%, has a term of five years.
AshbyCapital purchased its £217.1m (€255.4m) stake in Fitzroy Place from Kaupthing, in its second investment in London’s West End, following its acquisition of The Avenue alongside Exemplar in May 2014.
Fitzroy Place is a freehold office-led mixed-use development that also includes 19,700 ft² of retail space, a 9,620 ft² healthcare unit let to UCL Hospitals NHS Foundation Trust, 235 luxury apartments and 54 affordable homes. Its 221,530 ft² of high-quality office space – set across two buildings – is let to eight tenants and is the new UK head office of cosmetics firm Estée Lauder. Aviva Investors holds the remaining 50% share of ownership.
Charles-Etienne Lawrence, Vice President of AshbyCapital, said: “Fitzroy Place is an exceptional development with a strong roster of tenants in a prime location at the heart of London’s vibrant West End. This financing validates our enthusiasm for this unique mixed-use destination and frees up further capital for us to deploy as we look to take advantage of future real estate opportunities in London and the regions.”
Agents for 2 Fitzroy Place, where 23,000 ft² of grade A office space is available over two floors, are CBRE and JLL.