Investec PLC and Ltd - Sandton, Johannesburg-based financial services firm - Provides Commercial Estates Group with a £13.7 million investment loan secured against CEG’s 1000 Aztec West Grade A office building in Bristol. This is the first transaction between the two companies and refinances an existing development loan. 1000 Aztec West, completed in December, is south west England’s ‘first net zero carbon out-of-town office’ 73,000 square feet of space. Investec says Bristol’s Grade A office space supply ‘remains highly constrained, with approximately three months of availability based on average Grade A take-up in the market.’
Investec Real Estate’s Ian Burdett says: ‘This loan reflects our conviction that high quality, thoughtfully designed and sustainable offices, located in catchment areas with compelling fundamentals, will be highly sought after and command the highest rents...This first transaction with CEG, a leading regional real estate investor and developer, aligns with our focus on establishing new borrower relationships, which is key to our continued loan book growth.’
Current London stock price: 493.90 pence, down 0.4% on Monday morning
12-month change: down 7.3%
Current Johannesburg stock price: R 118.54, down 0.9% on Monday morning
12-month change: up 4.2%
Copyright 2024 Alliance News Ltd. All Rights Reserved.
