Beltane Asset Management and TPG Angelo Gordon have secured a £53.5m loan from Grosvenor to fund the redevelopment of One Chester Street in Belgravia, central London.
One Chester Street, Belgravia, central London
The three-year facility will support the refurbishment of the 50,000 sq ft office building on the corner of Chester Street, plus redevelopment works to enhance its sustainability credentials and create new grade-A space.
The deal is also the largest loan completed under Grosvenor’s UK property business lending strategy.
Duncan Roe, partner at Beltane Asset Management, said: “One Chester Street represents a strategic addition to our portfolio. The planned refurbishment will reposition this asset to meet current occupier requirements while respecting the architectural heritage of this prestigious Belgravia address.”
Steph Ball, executive director for investment at Grosvenor Property UK, added: “One Chester Street reflects the type of opportunity we look to support through our lending business: a well-located asset with strong underlying fundamentals, backed by experienced sponsors and a clear strategy to create long-term value.
“We are pleased to be supporting Beltane and TPG Angelo Gordon as they reposition the asset for its next phase.
“Many of today’s most compelling opportunities lie in reimagining well-located buildings, and supporting the refurbishment of existing assets is an important part of the transition towards a more sustainable built environment.
“By providing flexible financing solutions, we can help sponsors deliver higher-quality, lower-carbon space while preserving and enhancing some of London’s most distinctive commercial buildings.”
In May, Grosvenor Property UK announced a wave of senior leadership appointments, including Ball as executive director.
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