Investec Structured Property Finance has agreed to fund the acquisition of a prime development site in Kings Cross, North London, and subsequent delivery of a luxury 22-storey residential tower.
The new £35 mln (€41 mln) multi-tranche loan was granted to Brill Place Limited, a joint venture between ED Group and Hong Kong-based Prime Pacific, with the scheme being the first residential project for the JV’s newly formed fund, Paladin LBS UK Residential Fund I.
LBS Properties will oversee the tower’s construction, in its capacity as development manager, with work due to begin in the first half of 2020 and expected to take just over two years.
The development, located opposite St Pancras International station, will also include ground floor commercial space and cycle storage facilities in the basement, while the site itself is surrounded on three sides by open parkland.
Erin Clarke, at Investec Structured Property Finance, commented: ‘Kings Cross has undergone an impressive and transformative period of regeneration in recent years, attracting new residents thanks to its unrivalled connectivity and increasingly vibrant scene. It has also established itself as London’s tech hub with businesses of all sizes moving to the area, from exciting startups to global giants like Google and Facebook. We have a strong track record in Kings Cross and have lent against several successful schemes here in the past.’