Investec provides €18.4m loan for office development in London

Investec has agreed to provide a 36-month €18.4 million ($21 million) loan facility to a joint venture between Angelo Gordon and Hondo Enterprises. The loan will help finance the acquisition and redevelopment of a former car park in prime central London into an office.

Upon completion, the office property will provide 22,800 square feet of grade-A office space across six floors, according to Investec. It will also span three roof terraces, 40 secure cycle racks, and shower and locker facilities. The site is equidistant from the two major transport hubs.

“The way we use our cities is evolving and as car usage decreases, we are increasingly seeing interesting and innovative ways to repurpose its infrastructure,” said Daniel Carlisle at Investec. “The COVID-19 pandemic means businesses are looking for more versatile offices, with demand for space high in Fitzrovia and vacancy rates low.”

The joint venture acquired the asset with 38 years remaining on the