OakNorth completes £17.5m loan to Ankor for purpose-built student blocks in Ealing and Greenwich
OakNorth – the bank for entrepreneurs, for entrepreneurs – has completed a £17.5m refinance package with the property and development company Ankor Property Group for two student accommodation buildings in Ealing and Greenwich.
Ankor Property Group’s “Cube” portfolio currently consists of three leading developments: the student blocks in Ealing and Greenwich which consist of 111 studios in total, and a mixed-use scheme in central Reading consisting of three restaurants and 33 flats. The loan will be used to provide Ankor with an extended marketing period for the Ealing and Greenwich developments and by the end of 2020, Ankor plans to grow their current portfolio to 12 schemes. They will focus on student housing, aparthotels / serviced apartments, and the private rented sector. This two-year growth plan will include a £100m joint venture with Chinese investors as well as a possible IPO.
Nori Touati, Managing Director and Founder of Ankor Property Group commented:
“With real estate in the UK becoming increasingly expensive, diversification and sourcing different opportunities are essential. The market expertise of the Ankor team in the UK gives us the chance to develop our portfolio, both in terms of size and sector. OakNorth’s support has been invaluable – being a fast-growing organisation like ours, they thoroughly understood our need for speed and took the time to understand our business and growth plans. “
Commenting on the transaction, Deepesh Thakrar, Senior Director, Debt Finance at OakNorth said:
‘Demand for student accommodation remains high in London – it’s the world’s largest student market, with more than 300,000 full-time students, four universities in the top 50 and a quarter of all international students studying in the capital. The team at Ankor have chosen a prime sector to achieve their ambitious growth plans and we look forward to working with them on future projects.”