20 April 2017
London
Reporter: Theo Andrew

Investec finances Ballymore industrial sites


Investec is set to provide an £18 million loan to Ballymore Group to bolster the group’s income from two light industrial sites in Silvertown, London.

Ballymore Group is also seeking to secure residential planning consent at the sites.

This will be Ballymore’s first loan facility since its reported €3.2 billion exit from Ireland’s National Asset Management Agency (NAMA) in December 2016. Created by the Government of Ireland in 2009, NAMA was established as a response to the financial crisis and its effects on Ireland.

The deal is Investec’s first significant investment financing since 2006.

According to Investec, the company plans to originate more investment financing, as well as enhancing its development book, throughout 2017.

Mark Bladon, property lender at Investec, said: “The Silvertown area offers some of the most exciting regeneration potential in London and the opportunity to work with a global real estate investor like Ballymore is a welcome one.”

“We like both the longer-term residential schemes being proposed at the sites, in addition to the asset management initiatives currently underway at the sites. We are confident that this will be the first of a number of similar deals moving forward.”

He added: “By capitalising on the team’s expertise, as well as our strong client relationships, we can provide bespoke funding solutions, diversify our exposure within the end-to-end property spectrum, whilst continuing to focus on sourcing and lending on opportunities that offer attractive return potential.”

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