Investec provides £22m loan for Bristol office acquisition and refurbishment

Investec Bank plc, a leading international financial services provider, today announces that it has provided a £22 million (£21.987m) committed loan facility to Greenridge Opportunities Fund, a vehicle sponsored by Greenridge Investment Management, to finance the acquisition and rolling refurbishment of 3 Temple Quay, a prime office building in Bristol extending to approximately 100,000 sq ft.

Greenridge initially acquired the asset with equity and, post-acquisition, Investec was approached to provide funding.

The subsequent 48-month facility comprises an initial tranche alongside a capital expenditure tranche to fund a phased refurbishment programme.

The structure has been tailored to support Greenridge’s business plan, allowing refurbishment works to be undertaken while tenants remain in occupation and rental income is retained throughout the programme.

Located approximately three minutes’ walk from Bristol Temple Meads station, 3 Temple Quay is positioned within one of the city’s most established office locations.

The refurbishment will deliver significant upgrades to mechanical and electrical systems, office floorplates and communal areas, enhancing the quality of the accommodation and positioning the building to meet occupier demand for well-located, high-quality office space in a market where supply of best-in-class assets remains constrained.

Investec worked closely with the client to structure a bespoke financing solution that reflected the phased nature of the works and the existing tenancies.

The transaction represents Investec’s first deal with Greenridge Opportunities Fund.

Alice Harman, Investec Real Estate, said:

“This transaction demonstrates Investec’s ability to deliver structured and flexible financing solutions that align closely with a client’s asset management strategy.

The phased refurbishment and tenants in situ called for a tailored approach, and Investec was pleased to support Greenridge with a collaborative facility that enables the transformation of a prime Bristol office asset while preserving income throughout the business plan.”

Tracey Folkes, Greenridge Investment Management, said:

“The market is facing significant supply constraints, further exacerbated by the impact of impending energy regulations.

Bristol is a key market outside of London, and Greenridge is delighted to have secured this asset in a prominent location that is benefiting from wider regeneration.

Investec’s support and understanding of the phased works programme were central to implementing Greenridge’s business plan, providing the flexibility to refurbish the building while retaining existing tenants and income.

This financing underpins Greenridge’s strategy of repositioning high-quality assets to provide modern, energy-efficient workspace that aligns with evolving occupier needs in the office sector.”

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