Investec Real Estate has provided City & Docklands Group with a £50m investment loan, secured against 149 newly completed apartments at One West Point, a residential scheme in West London.
The facility, which refinances an existing loan, is the sixth transaction between the two parties.
Completed in 2022 and 100% occupied, the 149 one and two-bed apartments formed the second phase of One West Point, a 54-storey residence located in the heart of the North Acton.
City & Docklands is a longstanding client across the wider Investec bank, and has delivered 18 highly successful schemes totalling over 3,555 luxury apartments since 2000.
Despite growing demand for housing in London, the supply of new residential developments has fallen substantially.
Compared with the 2015 peak, private starts on site are currently 60% down, planning permissions on private sites over 20 units are also down 60% and new applications are down 70%.
Ian Burdett at Investec Real Estate said: “Living continues to be a conviction sector for us due to its compelling supply/demand fundamentals.
“The London market remains particularly constrained and in City & Docklands we have a partner that has a track record of delivering highly successful mixed tenure projects.
“One West Point is already an iconic sight on the West London skyline and the speed at which it has been occupied is testament to the quality of the finished asset.
“Building on our strong, longstanding wider bank relationship with City & Docklands, this latest facility demonstrates our competitiveness in the refinancing space, which we anticipate continuing to be a significant part of our loan origination in 2024.”
Gary Sacks, CEO at City & Docklands, added: “As always, working with Investec on this refinance was a pleasure.
“Their commercial approach to the transaction was refreshing in a market where financing real estate has become increasingly difficult.
“The debt package provided has enabled us to fully stabilise our BTR offering so we can build our inhouse management brand AWOL whilst continuing to offer a five-star service to our tenants.
“We are pleased to add another successful deal to our ongoing relationship with Investec Bank.”
