PW reports that Investec is to fund Atlas’ Signet House purchase. Investec will hand over £13.3 million in a loan for the redevelopment of this Farringdon property in a two-year loan. The site has planning permission for 14,282 sq. ft of office space with floor-plates ranging from 1,200 sq. ft to 2,900 sq. ft. Investec property finance banker Stephen Martin said: “Despite market uncertainty, the occupier market in London has remained robust, driven by demand from tech and creative business for whom London remains the pre-eminent global city for collaboration and talent.”
EG reports the investment manager, Fabrix Capital has won the race to acquire Blackfriars Crown Court, SE1. The 1.4-acre freehold situated on Pocock Street was put on the market in March by HM Courts and Tribunals Service for more than £45 million. It is rumoured that Fabrix paid around £65 million for the court which was due for closure in 2020. A HM Courts and Tribunals spokesperson said: “HMCTS has exchanged contracts on the sale of the Blackfriars Crown Court and completion will take place in due course. All money raised from the sale of closed courts will be reinvested into the justice system.”
EG reports BNP Paribas Real Estate has been contracted to oversee the European Bank for Reconstruction’s move to their new Canary Wharf headquarters. EBRD has agreed to lease out the top 12 floors of their 360,000 sq. ft HQ, at 1-5 Bank Street, for ten years. This is the biggest letting arrangement since 2016. Tim Edmunds, director of project management at BNP PRE commented: “Working closely with our colleagues in the leasing team has really put us one step ahead and allowed us to better understand what the bank wants to achieve with its new home. It’s an incredibly exciting journey to be part of, form finding the Bank’s HQ to continuing this relationship and completing the project with them.”
EG reports Aviva has acquired the freehold for the Commercial Road Aparthotel. The scheme, worth £150 million, was bought through Aviva’s Lime Green Fund. The property, a 22-storey tower in Aldgate, will deliver 190 apartments alongside other amenities. Aviva Investors will lease the development to the London Borough of Barking and Dagenham once the fit-out process is complete.
EG reports Battersea Power Station moves ahead with phase three of development with £600 million debt facility from a consortium of lenders. The lenders include Standard Chartered Bank, CIMB Bank, Maybank, OCBC Bank, DBS and RHS. The third phase of development, designed by Gehry Partners and Foster, will create a 42-acre development on Electric Boulevard. This part of the scheme will comprise of Battersea Roof Gardens plus a new 167-bedroom hotel with amenities such as a rooftop infinity pool, bar and around 1,300 homes in a group of residential buildings at Prospect Place.