Henley Property Finance (‘HPF’) has confirmed €21.47m (£19.1m) real estate debt deal over a 24 month term to Inspired Asset Management (‘Inspired’) for a new 82 unit scheme in Croydon.
HPF’s deal with Inspired will fund the development of the 5 storey former office building in Croydon, which has planning permission for conversion to 82 high-specification, private residential units for first time buyers. The site has a gross development value of €29.5m (£26.25m), with 49 presale exchanges already agreed. Inspired was advised by the debt broker Arc & Co.
Commenting on the deal, Ian Rickwood, Chief Executive Officer of Henley, said:
“HPF continues its targeted approach in sourcing appealing financing opportunities, across the UK. Croydon is fast being recognised for its residential potential for first-time buyers, due in part to its amenities and transportation links with Central London, and making it an ideal location to add to the HPF debt portfolio. Our calculated stock selection has been proven to generate significant returns on behalf of our investors, and this deal allows us to continue to partner with Inspired to help them construct another residential scheme in a London borough.”
This is HPF’s second deal with Inspired, following a €18.72m (£16.65m) debt deal in Sutton earlier in the year. Inspired specialises in high yield London residential property investment, focusing exclusively on developing and refurbishing housing for first time buyers in emerging locations in inner, greater, and commuter London.
