Ingenious Real Estate completes largest deals to date, to fund redevelopment of two coveted sites
We are delighted to announce that the Ingenious Real Estate team has completed its two largest deals to date. The team has provided a £32 million bridging facility to part fund the acquisition of the former Honey Monster Factory in Southall for future development, and an £18 million facility to fund the acquisition and construction of a premier waterside site in Bristol.
Ingenious Real Estate has provided over £220 million in UK residential and commercial loan facilities, firmly cementing the business as a leading investor in the UK property market.
Acquisition of the Honey Monster Factory: Ingenious Real Estate has provided a bridging facility to a consortium led by Galliard Homes one of the UK’s largest residential developers, to assist with the purchase of the 16 acre West London site. Galliard will work closely with Ealing Council to design and to deliver the regeneration of the landmark site over the coming years.
The project is linked to the wider development of Southall, which is set to benefit from the opening of a new Crossrail station, bringing with it much reduced journey times to the West End and the City.
Development of Brandon Yard Bristol: The team has also provided an £18 million development facility to leading national developers Acorn Property, who will utilise the facility to fund the construction of a one-acre plot bordering the River Avon. The project will comprise 56 bespoke designed modern apartments and two townhouses and will incorporate listed features. Over 20% of units were reserved prior to construction commencing which can be attributed to the ongoing demand for attractive and affordable residential property in the area. The facility took only four weeks to complete from the issuance of heads of terms.
Commenting on the deals, Tom Brown, Head of Ingenious Real Estate, said: “The size of these facilities represents a significant milestone for the Ingenious team as we further realise and deliver our growth ambitions in UK property markets. The quality of these projects and the developers we have partnered with underline our credentials and reputation in the sector. ”