UK: Investec Structured Finance has provided a 30-month senior loan for the acquisition and restoration of Shakespeare Business Centre in Brixton, south London
The £11.2 million loan is to a joint venture between Newmark Properties and RBE Investments, which will rebrand the asset Coldharbour Works.
Investec’s Stephen Martin said: “Coldharbour Works is an exciting project with great potential to reposition a promising asset in an inner London area where there is little supply and increasing demand. Brixton has already established itself as a popular and attractive area for business start-ups, while the Covid-19 pandemic has led to more businesses considering innovative office space outside traditional office locations, eliminating the need for workers to take public transport. We have a longstanding, 13-year relationship with Newmark so are pleased to be working with them and RBE Investments on this latest deal. We look forward to working with them both again in the future.”
Greg Cohen, partner at Newmark, said: “We are delighted to continue the longstanding relationship with Investec. Coldharbour Works provides flexible workspace for a variety of uses and will support and already growing creative community in the surrounding area. Despite tough market conditions the rebranding and first phase of works has led to new occupiers taking units and existing tenants renewing licenses.”
