Specialist lenders ASK and Firma Partners have provided a £65.5m senior loan for private investor SENG’s acquisition of the Regents House office building in London’s Islington and its conversion of Chiswick Tower.
Regents House in Islington. Source: ASK
The facility is secured against the largely vacant Regents House on Islington High Street, where SENG is progressing proposals for a hotel-led scheme with some retail and leisure uses, and Chiswick Tower, another London office asset where planning consent has been secured for residential and co-living schemes.
The cross-collateralised structure has been designed to support the investor’s business plan across both assets and is a co-lending deal between ASK and Firma.
Regents House is no longer considered fit for purpose, SENG said, reflecting wider shifts in occupier demands towards best-in-class space.
Ben Bellman, originator and deal lead at ASK Partners, said: “This is a complex but highly compelling opportunity to support the repositioning of a well-located central London asset. By structuring the facility across both Regents House and Chiswick Tower, we are able to provide the borrower with flexibility, while maintaining a strong security position.
“We continue to see opportunities where assets are no longer aligned with current occupational demand but benefit from strong fundamentals and clear potential for repurposing.”
Victor Librae, chief executive of Firma Partners, said: “This transaction reflects our continued focus on partnering with experienced sponsors on well-located assets where there is a clear opportunity to create value through repositioning.
“The combination of strong underlying fundamentals and a credible business plan made this an attractive opportunity for us.”
SENG partner Elliot Dubey added: “SENG will bring forward proposals to bring a vacant and underutilised building back to life as a mixed-use scheme providing new hotel, retail, public realm and leisure, for the benefit of the community.”
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