Investec Structured Property Finance (“Investec”) announces that it has agreed to provide Fairway Capital, a private equity backed investment management firm, with a £34.5 million loan for the acquisition and redevelopment of nine luxury homes in Prime Central London.
Fairway Capital closed an initial equity raise of £80 million via the Fairway Capital Property Fund in July 2020 and is seeking to amass a portfolio of Prime Central London residential properties through the acquisition and refurbishment of older properties.
Representing the first acquisitions by the fund, the properties are located across Belgravia and Knightsbridge and include a mix of lateral apartments on garden squares as well as Mews Houses, which will be finished to the highest standard, whilst also benefitting from the latest in sustainable building design.
Fairway Capital will utilise Leconfield Property Group, which has developed over 150,000 sq ft of London residential property with a GDV in excess of £500 million, and with whom Investec has a long-standing relationship, to undertake the developments.
The Prime Central London residential market is characterised by all-time low availability, driven by robust take up in recent years and a lack of speculative projects for resale.
Source : Investec