Investec Real Estate (Investec) provided City & Docklands Group (City & Docklands) a €58.5m investment loan, secured against 149 newly completed luxury apartments at One West Point, a landmark residential scheme in West London. The facility, which refinances an existing loan, is the sixth transaction between the two parties.
One West Point is a 54-storey residential tower located in the North Acton/Old Oak & Park Royal regeneration area. Completed in 2022, it features 149 one and two-bed apartments for sale and rent, a 465m2 gym, a Tian Tian Asian supermarket, landscaped gardens, and a residents' app. With panoramic views across London and a 24-hour concierge, life is as connected and seamless as possible at One West Point.
Ian Burdett at Investec Real Estate, commented: “Living continues to be a conviction sector for us due to its compelling supply/demand fundamentals. The London market remains particularly constrained and in City & Docklands we have a partner that has a track record of delivering highly successful mixed-tenure projects. One West Point is already an iconic sight on the West London skyline and the speed at which it has been occupied is a testament to the quality of the finished asset. Building on our strong, longstanding wider bank relationship with City & Docklands, this latest facility demonstrates our competitiveness in the refinancing space, which we anticipate continuing to be a significant part of our loan origination in 2024.”
Gary Sacks, CEO at City & Docklands, commented: “As always, working with Investec on this refinance was a pleasure. Their commercial approach to the transaction was refreshing in a market where financing real estate has become increasingly difficult. The debt package provided has enabled us to fully stabilise our BTR offering so we can build our inhouse management brand AWOL whilst continuing to offer a five star service to our tenants. We are pleased to add another successful deal to our ongoing relationship with Investec Bank.”
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