Real Estate Finance

A landmark private rental sector development scheme transformed the town of Bromley, making an impact on the skyline and renewing an under-used part of the town centre. At 17 storeys high, to date, Perigon Heights is the tallest development to be constructed by residential development and investment group Purelake.

Updating town centres with more energy efficient property

The development incorporates a total of 90 apartments to rent across two sites, with most properties including balconies or terraces, while the main building includes a 20,000 sq. ft office unit. Energy efficiency was a key consideration of the construction and Purelake set out to achieve a very high BREEAM (Building Research Establishment Environmental Assessment Method) rating. 

What we do

The development project, one of the largest in Bromley town centre, was supported by funding of £18m from NatWest. The office unit achieved EPC rating ‘A’, while the apartments were rated EPC ‘B’. Since its completion the development has remained fully occupied. Estate agency group Acorn signed a 15-year office lease, and the location is now being used as their HQ.

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A once derelict industrial area around London’s King’s Cross Station is transformed into a vibrant new part of London, comprising residential and commercial estate and a creativity and innovation hub.

Residential makeover of an outdated industrial site 

The King’s Cross Estate is owned by the King’s Cross Central Limited Partnership (KCCLP), made up of pension fund AustralianSuper, clients of the international business of Federated Hermes and Argent investors. 

KCCLP was established in 2008 for the specific purpose of regenerating the area around King’s Cross station through the development of a core estate comprising residential and other-use estate. Supported by funding from NatWest, the most recent development is a 14-storey residential building comprising studios and one, two and three- bedroom apartments.

This represents the final of six residential developments in the King’s Cross regeneration estate. On completion, the wider estate will comprise over 50 new and refurbished buildings totalling 8 million sq ft, of which £2bn will be retained as commercial, income producing investments to support jobs and boost the local economy.

What we do

Building on its long-standing relationship with the borrower, NatWest provided a fully-funded debt solution to provide certainty and a timely execution for Argent. The successful delivery of this transaction is the result of strong collaboration across the various teams involved. 

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Oxenwood Real Estate was established in 2014 by co-founders, Jeremy Bishop and Stewart Little. The company invests directly and in joint ventures with domestic and international partners with a focus on UK and European logistics assets. Since inception, Oxenwood and its partners have invested in approximately £1bn of logistics assets and developments throughout the UK and Europe.

Setting Net Zero objectives

Oxenwood has set a Net Zero Carbon objective by 2040 and committed to reducing carbon emissions from all developments as well as embedding low energy design principals to reduce and reuse materials. Most assets within the recently funded portfolio have an Energy Performance Certificate Rating ‘C’ and Oxenwood is focused on improving minimum EPCs across its wider estate, in line with the Domestic Minimum Energy Efficiency Standard regulatory road map, targeting EPC A by 2030.

What we do

In December 2021 Oxenwood Real Estate and its joint venture partner Catalina Holdings secured a £51.48m loan facility from NatWest secured by five UK based assets, comprising 61% industrial properties and 39% commercial office space. The assets were purchased through equity and Oxenwood raised debt against this portfolio to enable it to acquire additional assets and further diversify the portfolio.

The funding from NatWest was part of a long-standing relationship between the bank, Oxenwood and Catalina, with NatWest previously providing over £100m of secured debt facilities to the joint venture.

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