Eurohypo has funded the joint venture between Draco and its partner Davy in the £90-million (approx. €123 mln) purchase of Brettenham House, the 115,000-ft² multilet office building, which lies close to the Strand, overlooking Waterloo Bridge in London. The joint venture partners intend to refurbish at least half of the building over the next 18 months.
Draco is a fast growing investment company which has acquired property totalling over £300 million in the last two years. The company has a simple investment philosophy and tries to concentrate on high growth markets and assets where they can create value through refurbishment and redevelopment.
Rob Greacen, Managing Director, Draco, said, "We're really delighted to acquire Brettenham House a fine building in an excellent location but in need of significant modernisation. We are pleased to have completed our first loan with Eurohypo as they already knew the asset well, and showed a clear understanding of our business model."
Mark Titcomb, Managing Director Origination, Eurohypo, commented, "The Joint Venture has lots of experience in projects of this nature, making our decision easy. We are pleased to be providing them with funds for both the acquisition and their refurbishment plans which look well timed to capitalise on market trends."