The real estate division of global asset manager Intermediate Capital Group plc (ICG), has completed a £90m (c. €97.7m) senior loan secured by a London office portfolio. The portfolio is owned by Maurice Investments, a privately-owned investment and development company with a primary focus on the technology, media and telecoms sectors in East Central London.
The portfolio is situated in Old Street, Shoreditch, Clerkenwell and Aldgate. Several of the assets have already received Cat A refurbishments and all will benefit from the growing tech sector and connection improvements on Crossrail, as well as the continued regeneration of the area.
“We are delighted to have concluded this financing with Maurice Investments despite the challenges presented by Covid-19,” said Louise Dooly, Managing Director at ICG Real Estate. “The group has continually invested in this portfolio over several years in response to changing occupier needs, and it now delivers first class office and amenity space to support the demands and wellbeing of their growing list of tenants. These dynamics will be a key focus for the office environments and workplaces of the future, and we look forward to supporting Maurice as they continue their investment programme.”
“Over the last eight years we have invested heavily into our portfolio, bringing them up to best in class through refurbishment or development programs to include Cat A or Cat B fit outs and with a heavy focus on sustainability, well-being and smart building technologies,” added Gavin Wogman, Managing Director at Maurice Investments. “As such I am delighted that ICG Real Estate recognise the undoubted hard work that has gone into these properties and thus provided the financing to continue improving these assets to suit any future tenant changes in working behaviors whilst adapting to how the future of the office environment will look and feel.” Debt advisory firm Kingwood Associates acted for Maurice Investments.
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