Investec announces it has agreed to provide a c. €48.1m (£42.5m) financing facility to Anthology, for the development of 198 new homes for sale. Lloyds Bank Commercial Real Estate will provide the remaining 50% of the facility for the scheme.
Anthology, a leading developer of quality London residential homes, was established by Oaktree Capital Management, with whom Investec has an established relationship. The Hoxton Press scheme will deliver a selection of luxury studio, one, two and three bedroom apartments across two landmark towers, with car parking spaces and commercial space. The development will have a Gross Value of c. €198m (£175m), with individual homes priced from €554,000 (£490,000).
Located on the border of Shoreditch and Hackney, adjacent to Shoreditch Park and offering panoramic views across the City and Regent’s Canal, the development is served by excellent transport links: Old Street underground is a short walk away and a number of local buses provide fast access to both the City and West End.
This is one of four schemes in Anthology’s existing development pipeline, targeting delivery of 600 homes each year from 2018.
Mark Bladon at Investec commented: “We continue to identify and support residential development schemes in London that are in attractive locations. Given the supply and demand tension in the market, there are significant opportunities for experienced developers, such as Anthology. With this first deal completed successfully, we are excited about future opportunities to work together with Anthology as it builds up its portfolio of well-located schemes across London. Despite the wider uncertainty causing some parts of the property market to retreat, the first half of 2017 has been an active one for Investec, as we continue to partner with both new and existing clients on facilities that are structured to meet individual project and client requirements. Our expertise in dealing with Real Estate private equity funds across the Bank enables us to offer innovative and flexible finance solutions including asset level debt, fund level facilities and strategic hedging."
