Investec funds office-to-residential scheme in sought-after Henley-on-Thames
Investec Structured Property Finance (“Investec”) announces that it has agreed to provide a £6mn loan to conversion-to-residential fund, managed by Aberdeen Standard Investments, to support the acquisition of an existing small office campus in Henley-on-Thames with permission to convert into 35 residential units.
The 4.2 acre site, comprising six detached office buildings and 149 parking spaces, is currently occupied by a single office tenant. The buildings, set in a semi-rural location, lend themselves to conversion with flexible floor plates and few columns.
Planning permission has already been granted for 35 new homes, comprising 15 one-bed units, 13 two-bed units and seven three-bed units. The south Oxfordshire property is situated on the edge of the world-famous and popular riverside town of Henley-on-Thames and is eight miles north of Reading, 25 miles south-east of Oxford and 35 miles west of central London.
This is Investec’s first deal with Aberdeen Standard Investments, one of the world’s largest investment companies formed in 2017 following the merger of Standard Life plc and Aberdeen Asset Management plc.
Mark Bladon, co-head of origination at Investec Structured Property Finance, commented:
“It takes experience and skill to transform spaces like this and we are very confident about the future success of the project, and the possibility of providing further financing as it develops. Investec has long supported progressive and entrepreneurial schemes and we are pleased to be working with Aberdeen Standard Investments on this latest development.”