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AshbyCapital secures £105m financing for Fitzroy Place

Author: AshbyCapital |

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.

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.

Charles-Etienne Lawrence, Vice President at AshbyCapital

Agents for 2 Fitzroy Place, where 23,000 sq ft of grade A office space is available over two floors, are CBRE and JLL.