LBS Properties’ Kings Cross residential scheme moves forward with £35 million Investec loan
Investec Structured Property Finance (“Investec”) announces that it has agreed to provide Brill Place Limited, a joint venture (the “JV”) between ED Group and Hong Kong-based Prime Pacific, with a £35 million multi-tranche loan. The loan will fund the acquisition of a prime development site in Kings Cross, North London, and subsequent delivery of a luxury 22-storey residential tower.
The scheme is the first residential project for the JV’s newly formed fund, Paladin LBS UK Residential Fund I (the “Fund”). LBS Properties will oversee the tower’s construction, in its capacity as development manager, with work due to begin in the first half of 2020 and expected to take just over two years.
The development, located opposite St Pancras International station, will benefit from breath-taking views of the London skyline, as well as access to all the amenities that Kings Cross has to offer. The building also includes ground floor commercial space and cycle storage facilities in the basement, while the site itself is surrounded on three sides by open parkland.
Kings Cross is one of the best-connected locations in Europe, offering quick access to international, national and local transport links. Eurostar connections mean mainland Europe is just under two hours from St. Pancras International, and Euston will be the terminus for HS2 once it’s completed. It is also a station on the proposed Crossrail 2 line.
Erin Clarke, at Investec Structured Property Finance, commented:
“Kings Cross has undergone an impressive and transformative period of regeneration in recent years, attracting new residents thanks to its unrivalled connectivity and increasingly vibrant scene. It has also established itself as London’s tech hub with businesses of all sizes moving to the area, from exciting startups to global giants like Google and Facebook. We have a strong track record in Kings Cross and have lent against several successful schemes here in the past.
“This loan demonstrates our ability to offer clients innovative and flexibly structured products, tailored to support them through the different stages of the development process. We’re pleased to be working with the Fund on their first acquisition and hope it is the start of a long and successful relationship as they look to secure further residential sites in London.”
Nick Crawford, Managing Director of LBS Properties, added:
“We are delighted to have completed on this financing with Investec to support the acquisition and delivery of the Fund’s first development. Brill Place will offer high-quality apartments with excellent views, located within an area of open parkland and just meters from London’s best-connected transport hub, which we believe is a unique offering. We look forward to working closely with Investec as the project progresses.”