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Investec Structured Property Finance has agreed to loan Atlas Property £13.3 million for the acquisition and redevelopment of Signet House in Farringdon, London.
Located on Farringdon Road, Signet House sits less than 100 metres from Farringdon Overground, Underground and Crossrail stations. Plans for the redevelopment include 14,282 sq ft of warehouse offices, with spaces ranging from 1,200 sq ft to 2,900 sq ft — ideal for small to medium sized companies.
This is the fourth time Investec has supported Atlas, increasing its group exposure to £33 million. The two-year development loan will support Atlas’s strategy of acquiring assets with significant value opportunity through planning, development and long-term asset management.
Speaking on behalf of Investec, property finance banker Stephen Martin said: “We continue to back clients with a track record of delivering value through successful developments/refurbishment opportunities, whilst our ability to provide both debt and equity is a stand out feature of our proposition… Despite ongoing market uncertainty, the occupier market in London has remained robust, driven by demand from the likes of tech and creative businesses for whom London remains the pre-eminent global city for collaboration and talent. The redeveloped building, in a highly prized location, will be a beneficiary of this status quo which we expect to continue for the foreseeable future.”
Frixos Kaimakamis, a director at Atlas Property, added: “We are delighted to further cement our relationship with Investec through the acquisition of Signet House. The provision of equity adds a further dimension to our investment strategy and is a recognition of our excellent track record in delivering market-beating returns… Having operated in the City fringe market for over ten years, we know it well and are confident it is resilient to the current political climate. This joint venture is a reflection of our belief and a vote of confidence in the market. We look forward to working together to deliver an outstanding office scheme.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.