Investec Bank has provided a £22m committed loan facility to Greenridge Opportunities Fund to fund the acquisition and refurbishment of a prime office building in Bristol.
3 Temple Quay, Bristol
The fund, a vehicle sponsored by Greenridge Investment Management, initially acquired the 100,000 sq ft 3 Temple Quay with equity. Following the acquisition, it approached Investec to provide funding.
The 48-month facility comprises an initial tranche alongside a capital expenditure tranche to fund a phased refurbishment programme.
“This transaction demonstrates Investec’s ability to deliver structured and flexible financing solutions that align closely with a client’s asset management strategy,” said Alice Harman, originator, real estate finance at Investec Real Estate.
“The phased refurbishment and tenants in situ called for a tailored approach, and Investec was pleased to support Greenridge with a collaborative facility that enables the transformation of a prime Bristol office asset while preserving income throughout the business plan.”
Tracey Folkes, director, Greenridge Investment Management, said: “The market is facing significant supply constraints, further exacerbated by the impact of impending energy regulations. Bristol is a key market outside London, and Greenridge is delighted to have secured this asset in a prominent location that is benefiting from wider regeneration.
“This financing underpins Greenridge’s strategy of repositioning high-quality assets to provide modern, energy-efficient workspace that aligns with evolving occupier needs in the office sector.”
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