Commercial real estate lending platform Starz Real Estate has funded a £24.8 mln (€28 mln) senior facility secured by a business park located between Glasgow and Edinburgh.
The financing was arranged by Seaford Finance for Shelborn Asset Management. Shelborn, acting on behalf of a third-party investor, purchased Maxim Office Park last year for £38 mln from an affiliate of Cerberus Capital Management.
The asset is a modern business park comprising 756,000 ft2 (70,000 m2) Grade A office space across 10 buildings. The office park also includes retail and leisure facilities, hosting one of Scotland's largest nurseries, plus 3,000 car parking spaces.
'We are delighted to have supported Shelborn in their acquisition of Maxim Park, one of the highest calibre business parks in the out-of-town office market in Scotland,' said Ashil Sodha, vice president at Starz Real Estate.
'Given Shelborn’s expertise in regional office markets, under their stewardship, we expect the Park to go from strength to strength in the coming months as they benefit from the positive local supply and demand dynamics,' Sodha added.
According to Shelborn, Cerberus, with asset manager Broadoak, more than doubled occupation of the park from 15% to 33% between 2015 and 2018 by adding 15 new tenants. Shelborn said it hoped to build on this leasing success.
The park counts the Scottish Environment Protection Agency (Sepa), flexible workspace giant Regus, infrastructure group Balfour Beatty, customer service group, Sitel, and life sciences firms Lamellar Biomedical and TC Biopharm among its tenants.
'We are delighted to have funded this transaction through Starz who were able and willing partners in our vision for the park,' said Brian Rabinowitz, Director at Shelborn Asset Management.
Shelborn was advised by Brodies on the financing and Starz by K&L Gates. Colliers provided valuation services.