Investec backs London office sector with €142m development loan

Investec Real Estate has provided LCN Capital Partners (LCN), a private equity real estate firm, with a £122 million (€142 million/$156 million) loan for the development of a 283,000-square-foot best-in-class office scheme in Kingston Upon Thames, Southwest London. Unilever, the FTSE 100 multinational consumer goods company, has agreed to pre-let the entire building for its new global headquarters.

Alongside Investec’s £43 million (€50 million/$55 million) commitment, £79 million of debt has been arranged with Allied Irish Bank (GB) and Bahrain-headquartered Bank ABC. The transaction represents the largest office development loan in Outer London in 2023 and reflects Investec’s strong conviction in technology-enabled modern office assets in prime and emerging locations with strong ESG credentials, increasingly focused on indi