Investec has provided a £22 million loan to Greenridge Investment Management to finance the acquisition and refurbishment of 3 Temple Quay.
Greenridge Opportunities Fund, a vehicle sponsored by Greenridge Investment Management, initially acquired the 100,000 sq ft office with equity.
Investec was subsequently approached to provide funding.
A 48-month facility has been agreed between the parties, comprising an initial tranche alongside a capital expenditure tranche to fund a phased refurbishment programme.
The refurbishment will deliver upgrades to mechanical and electrical systems, office floorplates and communal areas.
Alice Harman, Investec Real Estate, said: “This transaction demonstrates Investec’s ability to deliver structured and flexible financing solutions that align closely with a client’s asset management strategy.
“The phased refurbishment and tenants in situ called for a tailored approach, and Investec was pleased to support Greenridge with a collaborative facility that enables the transformation of a prime Bristol office asset while preserving income throughout the business plan.”
Tracey Folkes, Greenridge Investment Management, added: “The market is facing significant supply constraints, further exacerbated by the impact of impending energy regulations.
“Bristol is a key market outside of London, and Greenridge is delighted to have secured this asset in a prominent location that is benefiting from wider regeneration.
“Investec’s support and understanding of the phased works programme were central to implementing Greenridge’s business plan, providing the flexibility to refurbish the building while retaining existing tenants and income.
“This financing underpins Greenridge’s strategy of repositioning high-quality assets to provide modern, energy-efficient workspace that aligns with evolving occupier needs in the office sector.”
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