Investec Real Estate (“Investec”) announces that it has provided Fairway Capital (“Fairway”), the Prime Central London (“PCL”) investment specialists, with a £16.4 million senior facility to fund the acquisition and renovation of 4 Wilton Crescent, a super prime residence in one of London’s most sought after neighbourhoods.
Leconfield Property Group, Fairway’s development partner, is responsible for the refurbishment and development, which is expected to complete in 2023. The c. 9,000 sq ft property will feature five ensuite bedrooms, staff accommodation, leisure facilities including a swimming pool and garage parking for two cars. The renovation will be finished to Leconfield’s typical high standards with bespoke craftsmanship throughout. Located in the heart of Belgravia, the residence is expected to attract interest from both domestic and international buyers.
This is Investec’s second deal with Fairway, having previously provided a £34.5 million loan in October to fund the latter’s acquisition and redevelopment of nine PCL luxury homes. This was the first investments by the Fairway Capital Property Fund following an initial equity raise of £80 million in July 2020. The existing relationship enabled Investec to meet the client’s funding deadline and execute the complex transaction, which included a JV partner with an ownership structure across multiple jurisdictions, in just over three weeks from credit approval.
Whilst PCL values and transaction volumes were negatively impacted by successive lockdowns, the success of the vaccine roll out has underpinned a strong bounce back. Recent Savills data reported that there had been 237 sales in London above £5 million in the first six months of 2021, a 61 per cent increase on the same period in 2019.
Investec partners with private, institutional and corporate clients to offer international banking, investments and wealth management services in two principal markets: South Africa and the UK, as well as certain other countries. The group was established in 1974 and currently has approximately 8,300 employees. In 2002, Investec implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges.
Source : Investec