AshbyCapital has secured a £105m loan facility against its 50% stake in Fitzroy Place, a mixed-use development in central London’s Fitzrovia, which it acquired last November.
The financing comes at a loan-to-value ratio of around 50% and has a term of five years.
AshbyCapital purchased its £217.1 million stake in Fitzroy Place from Kaupthing.
This was its second investment in London’s West End, following its acquisition of The Avenue alongside Exemplar in May 2014.
Fitzroy Place is a freehold office-led mixed-use development that also includes 19,700 sq ft of retail space, a 9,620 sq ft healthcare unit let to UCL Hospitals NHS Foundation Trust, 235 luxury apartments and 54 affordable homes.
Its 221,530 sq ft of high-quality office space – set across two buildings – is let to eight tenants and is the new UK head office of cosmetics firm Estée Lauder. Aviva Investors holds the remaining 50% share of ownership.
Charles-Etienne Lawrence, vice president of AshbyCapital, said:
“Fitzroy Place is an exceptional development with a strong roster of tenants in a prime location at the heart of London’s vibrant West End. This financing validates our enthusiasm for this unique mixed-use destination and frees up further capital for us to deploy as we look to take advantage of future real estate opportunities in London and the regions.”
Agents for 2 Fitzroy Place, where 23,000 sq ft of grade A office space is available over two floors, are CBRE and JLL.