Regal has successfully secured a £58.6 million investment loan from lender Firma Partners to refinance The Clarendon Works, its newly completed, sustainable office development in Watford. The 12-storey office scheme is the largest of its kind in Watford, offering nearly 140,000 square feet of high-quality workspace, complete with modern amenities.
Saint-Gobain has completed its £826.5 million ($1.025 billion) acquisition of Fosroc, a leading specialist in construction chemicals, in a move that significantly expands its presence in high-growth markets. The deal aligns with Saint-Gobain’s strategy to strengthen its position in the global construction sector, particularly in regions experiencing rapid infrastructure development.
Specialist real estate lender Pivot has successfully completed a funding package comprised of three loans for a residential development in Denby Dale, West Yorkshire. The £6.5m facility is uniquely structured to encompass three distinct loan types within a single transaction—a development exit bridge, part-complete development loan, and ground-up development facility.
Bridges Fund Management and Wrenbridge have acquired a prime 6.5-acre site in Letchworth, Hertfordshire, with plans to develop a cutting-edge 130,000 sq ft logistics scheme. The site, purchased from Tesco and Letchworth Garden City Heritage Foundation for an undisclosed sum, will be transformed into three state-of-the-art warehouses. Designed to meet
Valor and QuadReal Secure £79m Financing for Tesco Distribution Hub Acquisition Valor Real Estate Partners and QuadReal Property Group have successfully secured a £79m loan from PGIM Real Estate to support their recent acquisition of a Tesco-let distribution centre in Purfleet, Essex. The 630,000 sq ft facility at Dolphin Park,
Eldridge Real Estate Credit today announced the provision of a £96.7 million loan to Morar Care Group, in partnership with Simply UK, a leading care home developer and operator headquartered in Glasgow, to support the refinancing and development of premium care facilities across Scotland and South East England. Eldridge Real
Investec Bank plc (“Investec”), a leading international financial services provider, announces that its Real Estate team has provided The James, a fast-growing UK rental accommodation provider, with a £17 million loan to fund the development of a 150-unit co-living scheme in Birmingham city centre. It furthers Investec’s exposure to a sector
Pluto Finance has secured £30m in funding from The Wales Pension Partnership (WPP), a collaboration of eight local government pension schemes (LGPS), to support the development of affordable housing across Wales. WPP will channel the investment through Pluto Finance’s local impact programme, which enables LGPS funds and pools to contribute
A recently completed build-to-rent scheme located in the heart of Glasgow has been refinanced following a £14.4m loan from Secure Trust Bank (STB) Real Estate Finance. The three-year residential property investment loan has been provided to Maven Capital Partners, a leading private equity firm. It was used to refinance an external development facility
Evolve Estates, part of M Core, has added to its growing portfolio with the acquisition of Park Point, a prominent mixed-use development in Longbridge town centre. Completed in 2013, Park Point covers 66,382 sq ft and features a 75-bed Premier Inn hotel, eight ground-floor retail and leisure units, and three
Regal has successfully secured a £58.6 million investment loan from lender Firma Partners to refinance The Clarendon Works, its newly completed, sustainable office development in Watford. The 12-storey office scheme is the largest of its kind in Watford, offering nearly 140,000 square feet of high-quality workspace, complete with modern amenities. With almost 80% of the space already let, major tenants include National Lottery operator Allwyn, which has taken 63,527 square feet across six floors, and global technology firm Epson UK, occupying 30,530 square feet. Interest remains strong in the two remaining floors of this premium-grade workspace, which has been designed to rival central London office standards. The deal marks another milestone for Firma Partners, a newly launched real estate lender. This is only its second transaction following last month’s support for McGrath Group’s £40 million acquisition and development project in West London. Victor Librae, chief executive of Firma Partners, commented: “We are pleased to provide Regal with an investment loan to refinance The Clarendon Works, a development that has set a new standard for office space in Watford and the wider South East. This highly sustainable, amenity-rich workspace has already attracted leading tenants, demonstrating its strong market appeal. “Firma Partners is committed to supporting innovative developers and investors in delivering top-tier real estate projects. The facility we are providing for The Clarendon Works aligns with our approach to backing high-quality developments with long-term potential.” Firma Partners specialises in flexible capital solutions for mid- to large-scale real estate investments and developments. Its focus spans across the living sector, including residential, mixed-use, build-to-rent, student accommodation, co-living, later living, hospitality, and hotels.
Saint-Gobain has completed its £826.5 million ($1.025 billion) acquisition of Fosroc, a leading specialist in construction chemicals, in a move that significantly expands its presence in high-growth markets. The deal aligns with Saint-Gobain’s strategy to strengthen its position in the global construction sector, particularly in regions experiencing rapid infrastructure development. Expanding into Key Growth Markets Fosroc, headquartered in the UK, has built a strong reputation for its advanced chemical solutions used in infrastructure, industrial, and commercial projects worldwide. The company has a well-established presence in fast-growing regions, including India, the Middle East, and the Asia-Pacific, where large-scale construction projects are driving demand for specialised chemical products. By acquiring Fosroc, Saint-Gobain gains direct access to an extensive distribution network and an established customer base in these key markets. The integration will enhance its ability to provide tailored solutions that meet the specific needs of diverse construction environments. Boosting Product Innovation and Technical Expertise Fosroc’s expertise spans a wide range of construction chemicals, including concrete admixtures, waterproofing systems, grouts, adhesives, and industrial flooring solutions. This acquisition allows Saint-Gobain to offer a more comprehensive suite of construction products, creating a one-stop solution for developers, engineers, and contractors. The deal is also expected to drive further investment in research and development, leading to new high-performance solutions for complex construction challenges. By combining Fosroc’s chemical innovation with Saint-Gobain’s existing materials expertise, the company aims to push the boundaries of sustainable and efficient building technologies. A Strategic Step in a Changing Industry This acquisition is one of Saint-Gobain’s most significant in recent years and reflects a broader trend of consolidation within the construction industry. As demand for infrastructure continues to rise, particularly in emerging economies, major players are increasingly seeking strategic mergers to enhance their capabilities and market reach. With this move, Saint-Gobain positions itself for sustained growth, reinforcing its commitment to innovation and expanding its influence across the global construction landscape.
Specialist real estate lender Pivot has successfully completed a funding package comprised of three loans for a residential development in Denby Dale, West Yorkshire. The £6.5m facility is uniquely structured to encompass three distinct loan types within a single transaction—a development exit bridge, part-complete development loan, and ground-up development facility. This innovative funding solution enables the borrower to refinance an existing lender, support the completion of partially built units, and provide capital for the new construction of a 34-home residential development. The case was introduced by a broker who chose Pivot because of its ability to structure the deal as three transactions across the different loan types to maximise leverage and consider the varying stages the site was in. The funding package was structured as follows: This holistic approach ensures that the borrower can efficiently manage sales, complete construction phases, and maintain momentum in delivering high-quality homes. The lender has cultivated a reputation for deal structuring that considers the true SME developer experience—several of the Pivot team have built and sold properties and have a genuine understanding of the inherent opportunities and pitfalls that come with the job. Andreas Yianni, Commercial Director at Pivot Finance, said: “This transaction highlights our ability to shape funding solutions that address multiple stages of a development in one seamless package. “By incorporating a blend of development exit, part-complete, and ground-up funding, we have provided the borrower with a flexible and strategic solution to support their project through to completion. “It’s a great example of how we tailor our lending to meet the real-world needs of developers.” Pivot has enjoyed an incredible start to the year with as raft of new hires, increased funding capacity, and a vocal commitment to supporting ambitious SME developers who need reliable bridging and development finance to bring forward their sites. Building, Design & Construction Magazine | The Choice of Industry Professionals
Bridges Fund Management and Wrenbridge have acquired a prime 6.5-acre site in Letchworth, Hertfordshire, with plans to develop a cutting-edge 130,000 sq ft logistics scheme. The site, purchased from Tesco and Letchworth Garden City Heritage Foundation for an undisclosed sum, will be transformed into three state-of-the-art warehouses. Designed to meet the highest sustainability standards, the development will achieve an EPC ‘A+’ rating and operate at net zero carbon. Harry Gibson, director at Wrenbridge, commented: “This acquisition marks our fifth purchase with Bridges, and we remain on the lookout for further opportunities. We are excited to deliver another high-quality, sustainable industrial scheme that will drive local economic growth and provide best-in-class space for businesses in an undersupplied market.” Graham Fisher, chief executive at Letchworth Garden City Heritage Foundation, welcomed the investment: “A core part of the foundation’s strategy is to attract new investors, unlock regeneration opportunities, and support economic growth. We are pleased that Wrenbridge and Bridges share our vision and are investing in the heart of our industrial area.” The deal saw JLL represent Tesco, while Savills advised Wrenbridge. Kirkby Diamond and Clarke Willmott acted on behalf of Letchworth Garden City Heritage Foundation. Building, Design & Construction Magazine | The Choice of Industry Professionals
Valor and QuadReal Secure £79m Financing for Tesco Distribution Hub Acquisition Valor Real Estate Partners and QuadReal Property Group have successfully secured a £79m loan from PGIM Real Estate to support their recent acquisition of a Tesco-let distribution centre in Purfleet, Essex. The 630,000 sq ft facility at Dolphin Park, purchased for £130m in January, plays a crucial role in Tesco’s supply chain, serving approximately 550 stores across London and the South East. The transaction marks the largest single-asset acquisition to date for the Valor and QuadReal joint venture and represents the biggest single-let, last-mile logistics deal in the UK since 2022. The financing, provided through PGIM’s senior debt platform, is the fifth collaboration between the lender and Valor. Demand for UK last-mile logistics assets remains strong, driven by the continued expansion of ecommerce and urbanisation trends. James Mathias, senior portfolio manager for European core debt at PGIM, commented: “The recovery in European real estate is progressing well, creating favourable conditions for income-focused debt investment. We remain optimistic about the London Gateway and the resilience of UK logistics, buoyed by long-term structural drivers such as ecommerce and the rise of green energy industries.” Thomas Blangy, senior vice-president at QuadReal, added: “This investment aligns perfectly with our global strategy of targeting high-growth urban logistics hubs, particularly in key UK markets. Partnering with Valor and PGIM Real Estate to acquire this Tesco-let distribution centre further strengthens our position in this high-performing sector.” Miles Muthu, vice-president at Valor Real Estate Partners, also highlighted the asset’s strategic importance: “Its prime location and integral role in Tesco’s supply chain make this a compelling long-term investment.” Building, Design & Construction Magazine | The Choice of Industry Professionals
Eldridge Real Estate Credit today announced the provision of a £96.7 million loan to Morar Care Group, in partnership with Simply UK, a leading care home developer and operator headquartered in Glasgow, to support the refinancing and development of premium care facilities across Scotland and South East England. Eldridge Real Estate Credit is a leading investor in real estate credit opportunities throughout the US, UK, and Europe, including construction, bridge, and special situation opportunities across the capital structure. “With the median age in the UK rising, there is a growing demand for high-quality residential care homes,” said John Cole, Global Head of Real Estate Credit, Eldridge Capital Management. “The team at Morar Care Group has consistently responded to this demand, developing care facilities where resident comfort and well-being is the top priority.” This latest investment will be used to refinance five operational assets, while also providing financing for the development of two new care homes. Upon completion, the portfolio will comprise 496 operational beds across seven locations, including North Berwick, Dunfermline, Inverness, St. Andrews, and Wimborne, with Frinton and Billericay in development. “This financing enables us to continue delivering premium care to the communities and individuals that need it most,” said Chris O’Brien, CEO of Morar Care Group. “We look forward to our continued partnership with Eldridge Real Estate Credit as we expand our footprint across the UK.” Morar Care Group offers residents a variety of essential and luxury services and amenities, including 24/7 nursing care, assisted bathrooms, and tailored wellbeing and lifestyle programmes, as well as a hairdressing salon and nail bar, cinema, private dining room, tearoom, multiple social lounges and cafes, and garden enclosures. Building, Design & Construction Magazine | The Choice of Industry Professionals
Investec Bank plc (“Investec”), a leading international financial services provider, announces that its Real Estate team has provided The James, a fast-growing UK rental accommodation provider, with a £17 million loan to fund the development of a 150-unit co-living scheme in Birmingham city centre. It furthers Investec’s exposure to a sector that is benefitting from a number of compelling tailwinds, including a growing shortage of high-quality rental homes and ongoing homeownership affordability challenges. The development will see the transformation of Richmond House, a 67,000 sq ft former university building, into The James Birmingham, the city’s first co-living scheme, designed to meet the need for high quality rental units from postgraduate students and young professionals working in the area. The development will include a two-storey rooftop extension and the provision of shared facilities including a communal kitchen and dining areas, podcast studio and work lounge, gym, games room, cinema, external terrace and socialising area. Other features include air source heat pumps throughout the building and 166 bike parking spaces. Founded in 2018, The James currently has 302 apartments in operation across three fully occupied assets in Liverpool, Manchester and Sheffield. A further 406 are in development, including The James Birmingham as well as a future scheme in Manchester. Knight Frank’s 2024 UK co-living report revealed that since 2020 investors have deployed nearly £1 billion funding or acquiring co-living developments, and further acceleration in the growth of the sector is anticipated[1]. Manchester, Liverpool, Sheffield and Birmingham are the most established regional markets as a result of their large and growing populations of young professionals, strong graduate retention rates and expanding employment markets, which make them viable locations for developers and investors[2]. Ian Burdett at Investec, commented: “The appeal of co-living is rapidly expanding across the UK. Having initially gained traction in London, the sector is now increasingly reaching other major regional cities, where housing supply and the ability to get on the housing ladder is a challenge for many. Students and young professionals are also increasingly drawn to the sector’s vibrant amenity and community offering. “The James’ established track record of delivering high quality schemes across several UK cities made them a natural partner as we look to grow our exposure to the sector. We look forward to working with them again as they build out their portfolio further.” Grant Sulkin, Co-Founder at The James, added: “We are thrilled to be bringing our product to Birmingham and to be working with Investec on this exciting development. The city’s strong demand for high-quality rental housing aligns perfectly with our vision to create vibrant, well-connected communities for young professionals and postgraduate students. We look forward to delivering an exceptional living experience at The James Birmingham.” [1] Knight Frank: The Co-Living Report 2024 [2] ibid Building, Design & Construction Magazine | The Choice of Industry Professionals
Pluto Finance has secured £30m in funding from The Wales Pension Partnership (WPP), a collaboration of eight local government pension schemes (LGPS), to support the development of affordable housing across Wales. WPP will channel the investment through Pluto Finance’s local impact programme, which enables LGPS funds and pools to contribute to place-based investments while maintaining diversification within a national loan portfolio. The initiative is particularly focused on supporting SME housebuilders, many of whom have struggled to secure traditional bank financing following recent regulatory changes. WPP highlighted that the funding will have a meaningful impact on Welsh communities by driving the construction of affordable homes, boosting regional economic growth, regenerating local areas, and creating jobs for SMEs. Elwyn Williams, chair of the WPP joint governance committee, said:“The Wales Pension Partnership is committed to providing productive capital into Wales, and we are delighted to have found a solution that delivers both financial returns and positive local impact. This investment, made through our private debt allocator, Russell Investments, aims to support both the Welsh economy and the affordable housing needs of our communities.” Ashley Manning-Brown, head of UK investor solutions at Pluto Finance, added:“We are thrilled to be working with the Wales Pension Partnership to help bring about real change in local, affordable housing. By leveraging our innovative approach to place-based investment, WPP will provide much-needed support to communities while also driving investment and job creation across the region.” Building, Design & Construction Magazine | The Choice of Industry Professionals
A recently completed build-to-rent scheme located in the heart of Glasgow has been refinanced following a £14.4m loan from Secure Trust Bank (STB) Real Estate Finance. The three-year residential property investment loan has been provided to Maven Capital Partners, a leading private equity firm. It was used to refinance an external development facility at Dalian, a former office building converted into 92 apartments. Just a mile away from Glasgow Central train station, the development is conveniently located in Scotland’s most populated city. Completing in late December, only six weeks on from credit approval, this is the bank’s second deal with Maven Capital Partners, having funded the development of a 159-bed purpose-built student accommodation (PBSA) scheme in Stirling in 2020. The deal was led by Daniel Thornton, Relationship Director at STB Real Estate Finance, with the support of Joe Hora, Relationship Support Manager. Paul Johnston, Partner at Maven Capital Partners, said: “Following completion of Dalian in late 2024 we are delighted that the property has let extremely well, and that STB was able to complete the refinance so quickly. We look forward to working together over the next three years.” Daniel said: “It was a pleasure to work with Maven Capital Partners on this transaction. Over the past six years, STB has been able to build a strong working relationship with Maven that is mutually beneficial to both parties. “With the deal occurring during what was certainly a busy end to the year, a quick turnaround was simply non-negotiable. This was made possible thanks to the hard work of our experienced property finance professionals alongside a constant dialogue with Paul and his team.” With 10 regional offices located across the country, Maven Capital Partners has invested over £920m in UK businesses since 2009. Acting on behalf of the bank for this property loan was solicitors Addleshaw Goddard. Discover more about Secure Trust Bank Real Estate Finance or its dedicated residential property investment landing page. Building, Design & Construction Magazine | The Choice of Industry Professionals
Evolve Estates, part of M Core, has added to its growing portfolio with the acquisition of Park Point, a prominent mixed-use development in Longbridge town centre. Completed in 2013, Park Point covers 66,382 sq ft and features a 75-bed Premier Inn hotel, eight ground-floor retail and leisure units, and three storeys of office space. Notable tenants include Costa Coffee and Greene King Brewing. Situated around six miles south of central Birmingham, Park Point is a key part of the wider Longbridge town centre regeneration project. Joe O’Keefe, co-founder of Evolve Estates, highlighted the appeal of the site: “We were attracted to the mixed-use nature of Park Point, the income profile, location, and the variety of tenants across different sectors. “Longbridge is one of the UK’s largest regeneration schemes, with further investment planned to bring new jobs to the area. Its excellent transport links and strong local services make it a strategic location. With our expertise in managing diverse assets, this acquisition represents an exciting opportunity.” Avison Young advised Evolve Estates on the deal, while Savills represented the vendor. Building, Design & Construction Magazine | The Choice of Industry Professionals
