BBS arranges £59.8m Brentford financing

BBS Capital, a debt adviser and asset manager, has arranged £59.8m of finance for BYM Capital from specialist residential property lender Pluto Finance.

The finance will be used to develop New Horizons Court in Brentford, one of London’s largest ever permitted development (PD) schemes.

The site comprises four buildings, including Sky’s former HQ, and the facility will enable the conversion of the 140,248 sq ft office campus into 268 studios and one and two bed residential apartments.

BBS Capital arranged a 36-month loan facility at a 65% LTGDV. At £59.8m this represents Pluto’s largest loan to date. BBS Capital has been active in the residential and permitted development sectors and drew upon its extensive recent knowledge of the lender market to secure the optimal facility for its client.

Lending Director of Pluto Finance, Mario Ioannides, said: “We were delighted to be supporting the development of this residential scheme. It will enable private buyers and particularly first-time buyers the opportunity to own their own home in London at affordable prices, starting from as little as £250,000. This is our largest loan to date and we have good appetite to continue supporting further similar sized residential developments in and around London particularly where flats will be registered for Help-to-Buy.”

Conversion of the properties at New Horizons Court started towards the end of 2017 and is expected to be completed in in early 2019.

It is an exciting time for BBS Capital. In 2017 it helped its clients finance over £1bn of property deals across multiple sectors. One of its notable recent deals was arranging the refinance of the landmark NOBU Hotel Shoreditch in March 2018, which comprised a £68.5m loan across senior and mezzanine facilities. The Mayfair based firm operates in the UK and Western Europe with an experienced and specialist team.

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