Puma Property Finance has provided a £45m loan to Victory Group to support the redevelopment of a highly sustainable 22,000 sq ft office building on Jermyn Street in St James’s, London.
The eight-floor building includes ground-floor retail space with offices above and sits in one of the capital’s most sought-after commercial locations.
The scheme will undergo a deep retrofit featuring a new front façade to align the property with neighbouring buildings, significant interior upgrades, an additional office floor, a large communal roof terrace and end-of-trip facilities including bike storage and showers.
The redevelopment is targeting an EPC A rating and BREEAM Excellent, aiming to significantly reduce the building’s long-term environmental impact.
Victory Group, which manages around €5bn in assets across Western Europe, is undertaking its first UK redevelopment with the Jermyn Street project.
Its existing portfolio includes a major hotel redevelopment in Geneva and a mixed-use masterplan in Amsterdam. The London scheme is expected to complete in Autumn 2026.
Erik Moresco, founder and managing partner of Victory Group, said: “The partnership with Puma is a significant milestone in bringing our vision for the site to life and unlocking the potential of this project, which exemplifies our commitment to sustainably bringing buildings back to life through thoughtful repurposing.
“We are pleased to be bringing our expertise and knowledge to this debut London project and look forward to delivering a product that preserves the historic fabric while delivering outstanding service and quality to the market.”
Eliot Kaye, managing director at Puma Property Finance, added: “We are delighted to be supporting Victory Group on the redevelopment of this site into a best-in-class, highly sustainable office building in the heart of St James’s.
“The project represents the very best of modern redevelopment: a prime location, outstanding ESG credentials and a commitment to delivering long-term value for both occupiers and the local community.
“We look forward to seeing the Jermyn Street site come to life in the coming months and to working closely with Victory again in the future.”
