Investec Real Estate has provided Meadow Partners with a 36-month, €13.2m (£11.2m) senior loan, to support its acquisition of a prime mixed-use building on highly sought-after Northdown Street in King’s Cross, London. Designed and developed in 2007 by renowned architect Squire & Partners, the five-story building offers 14 apartments, including a penthouse with spectacular views across London, and approximately 8,200ft² of office space on the lower ground, ground and first floors. Meadow intends to refurbish and reposition the apartments, the entrance lobby and the building’s common areas to deliver a refreshed residential offering to the undersupplied King’s Cross market.
Centrally located within five minutes’ walk of two of London’s busiest transport hubs, London King’s Cross and St. Pancras International stations, the building provides residents and tenants ideal access to London Underground, National Rail and Eurostar services, in addition to the local area’s plentiful shops, bars, restaurants, and Regent’s Park.
Jonathan Long, Head of Corporate Real Estate, Investec, commented: “This transaction further solidifies our relationship with Meadow, a long-standing real estate and cross-bank client. The current macroeconomic backdrop is challenging but also offers a rare investment opportunity for those highly experienced value-add managers with embedded local teams. London’s status as Europe’s dominant commercial and cultural hub remains unchallenged, underpinning our high conviction in select residential and office schemes such as this.”
Andrew McDaniel, Co-Founder and Partner at Meadow Partners, added: “Given the chronic undersupply of suitable residential accommodations in London, coupled with the shortage of office space for SMEs in the King’s Cross submarket, this transaction further represents the successful execution of Meadow’s high conviction strategies and strong boots-on-the-ground team in the UK. We are pleased to once again partner with Investec to bring a transaction to fruition and look forward to continuing to grow our strategic relationship.”