ICG-Longbow provides development loan for London project

ICG-Longbow, Intermediate Capital Group’s real estate asset management division, has provided over £100 mln (€120 mln) of senior debt to support the construction of up to 112 private apartments for Regal London and 170 social and affordable rent on behalf of Central and Cecil Housing Trust, in St John’s Wood, London.

The development is being undertaken by Regal London, a developer of residential-led mixed-use developments in central and Greater London.
 
The closing of the loan commitment in December 2019 facilitates demolition of the existing building and construction of the new buildings early in 2020, with completion expected in late 2022.
 
Kevin Cooper, co-head of ICG-Longbow, said: 'Our development strategy is now in its sixth year and is currently enabling over £1.2 bn of gross development value. We continue to look for further large opportunities into which we can deploy the dry powder we have in this space.'
 
Marc Eden, investment and legal director of Regal London, said: 'Regal London continues to expand its portfolio with best in class developments and funders. Due to the complexity of this transaction, we required a lender with a deep understanding of real estate structures, which ICG-Longbow has demonstrated in spades. We are delighted to have such a supportive partner and are confident that our St John’s Wood scheme will be a successful landmark London development.'
 
ICG-Longbow has over £3.7 bn of assets under management across its four strategies - development strategy, Sale and Leaseback, Senior Debt and Partnership Capital. The Development Strategy funds residential-led schemes in London and the UK regions with typical loan sizes of £25 - £250 mln.

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