The Edition Group banks £10.3m fund for Bermondsey makeover
Property Week
17th February 2022
The Edition Group has secured a £10.3m loan to refinance a selection of industrial assets in London’s Bermondsey area, Property Week can reveal.
The four-year loan, provided by wealth manager Investec, will go towards developing the assets, which currently hold a combined value of £15.8m, into a mixed-use development. The assets have been part-tenanted with short leases to enable planning works to progress as the priority.
The deal was arranged through real estate capital advisory LEXI Finance.
“We were very impressed with the dual efforts of LEXI and Investec to structure a loan that matched our ambition for the project,” said The Edition Group’s director, John Smart. “This is a landmark project for Edition Group and our team. We are looking forward to working with the council to bring forward plans that reflect the vibrant Bermondsey community.”
Matthew Robinson of Investec Real Estate added: “We are impressed with The Edition Group’s vision for the area and see the clear redevelopment opportunities and benefits for Bermondsey.”
Charlie Armstrong, director of LEXI Finance, added: “This is a really interesting project to be involved with given the proximity to Bermondsey and the redevelopment potential.
“Investec took the time to understand the wider asset management play and were fully supportive of Edition Group’s efforts to secure consent for a landmark mixed-use scheme.
“We were able to work with them to structure a facility that met the sponsor’s key goals whilst providing the lender with the tailored financial covenants they needed to get comfortable.”
Read the original article in Property Week here.
