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Veld Capital and Maya Capital have secured a £45.7m loan from digital bank OakNorth to support the development of a major new hotel at 160 Blackfriars Road.
Founded in 2009, Veld Capital is a private investment firm focused on credit-oriented opportunities across a broad range of asset types. To date, it has raised €2.7bn (£2.2bn), making over 100 investments across 15 countries.
Meanwhile, Maya Capital was founded in 2014 by David Pralong, and has invested £400m across 17 deals, with nine exits to date.
The capital from OakNorth will enable the two investment firms to fund the development of a new 222-bedroom hotel operated by Motel One, with offices on the ground floor.
Sebastien Wigdo, partner of Veld Capital, said: “We are pleased to have collaborated with OakNorth on this financing. It represents another key milestone in the repositioning of the asset, after having obtained planning for our proposed hotel scheme and completed the full refurbishment of the office component into a high quality, ESG compliant space. We look forward to starting construction and delivering the hotel to be managed by Motel One.”
David Pralong, managing partner of Maya Capital, added: “We are thrilled to develop this new Motel One project in Southwark, thanks to the loan we received from OakNorth. Our partnership with Motel One has enabled their first Hotel Management contract in Europe and we look forward to continuing our work with the company.”
