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Property developer Seng has secured a £65.5m senior loan for the hotel-led redevelopment of Regents House, a 2.2-acre site on Islighton High Street adjacent to Angel station.
Real estate lenders ASK and Firma Partners have provided the co-loan for the London property, which currently comprises 227,000 sq ft of office accommodation.
The facility is secured against both Regents House and Chiswick Tower. This cross-collateralised structure is said to support the Seng’s wider business plan across both assets.
Seng also intends to reposition the asset through a change of use, primarily focused on a hotel scheme alongside retail and leisure units.
The building has been largely vacant in recent years. The borrower aims to address shifts in occupier demand by creating a modern, mixed-use space.
The transaction follows Seng securing planning consent for residential and co-living schemes at Chiswick Tower. This adds further security to the overall collateral package.
Elliot Dubey, partner at Seng, said: “Seng will be bringing forward proposals to bring a vacant and underutilised building back to life as a mixed-use scheme providing new hotel, retail, public realm and leisure, for the benefit of the community.”
Ben Bellman, originator and deal lead at ASK, said: “This is a complex but highly compelling opportunity to support the repositioning of a well-located central London asset. By structuring the facility across both Regents House and Chiswick Tower, we are able to provide the borrower with flexibility while maintaining a strong security position.”
Victor Librae, chief executive of Firma Partners, added: “This transaction reflects our continued focus on partnering with experienced sponsors on well-located assets where there is a clear opportunity to create value through repositioning.”
