Investec Private Bank's Structured Property Finance division has provided funding for two projects with Scammell Securities plc involving the purchase and sale of former hospital buildings. The combined sale value of the sites in East Sussex and Middlesex is in excess of €41 million (£30 million).
Investec provided Scammell with senior debt worth £7 million for the acquisition of a former NHS Hospital in Hellingly, East Sussex. Scammell subsequently secured planning permission for 400 residential units and other amenities on the 75-acre site and has now sold the property to Persimmon Homes Ltd. for £27 million.
Concurrently, Scammell has completed another Investec-backed deal in Hampton, Middlesex. Having purchased a former NHS cottage hospital on a 1.75-acre site in March 2006, Scammell secured planning permission for a 67-bed care home. The site has now been sold to Hampton Care Homes for £3.5 million.
John Pollington of Investec Private Bank's Structured Property Finance division said, "We were keen to partner with Scammell to finance the acquisition of these two unusual sites. The Hellingly deal was particularly interesting given the derelict state of the site involved. The planning consent includes the building of social housing and the provision of a new primary school. Both of these developments will retain some of their sites' original character, making great use of properties which had previously been disused and neglected."
Investec Private Bank's Structured Property Finance division provides innovative finance solutions for a range of projects. These include the purchase or re-finance of commercial investment properties, new build and refurbishment of residential properties, and investment portfolios that require unconventional gearing or mezzanine / equity finance.
Source: Citigate
