An Israeli private investor has acquired a 148,000 ft² office campus in Uxbridge for €48.2m (£43m) and plans to convert it into flats. The investor, advised by BBS Capital, has also secured loan facilities totalling €47.7m (£42.5m) from Titlestone Structured Finance and Shawbrook Bank to help fund the acquisition and redevelopment plans.
The West London office campus, previously owned by Legal & General, comprises three buildings, which the new owner plans to turn into 237 flats under permitted development rights (PDR).
Conversion of Bridge House, totalling 79,459 ft², will start immediately following the financing deal. The remaining two buildings, Waterside and Riverside, comprising about 34,000 ft² each, are currently let to Xerox. Their conversion will follow when the lease expires in 2020.
For Bridge House, BBS Capital has secured a €32m (£28.5m) development loan with Titlestone Structured Finance, at 60% LTV, for a term of 2 years. For the other two building, Waterside and Riverview, a €15.7m (£14m) facility was arranged with Shawbrook Bank at 70% LTV, for a term of two years, to bridge the period until redevelopment works can begin.
Simon Dekker, relationship director at Titlestone said: “This was an attractive scheme but required strong focus from all parties to be able to meet the timescale of 6 weeks from first meeting to completion.”
