CASE STUDY
OLD STREET WORKS
Type: Senior Loan Refinance and Capex
Loan Amount: £14.6m
Term: 24 months
Location: 197 to 205 City Road, London EC1V
At a glance
GRE Capital provided a 24 month senior facility to refinance the incumbent Lloyds debt and
fund targeted capital works at Old Street Works. The asset totals about 36,000 sq ft across
three interlinked period buildings with ground and basement retail and offices above,
located 150 metres north of Old Street roundabout in East London’s technology cluster.
The brief
A Jersey SPV for Riverside Capital required a refinancing solution and modest capex to
reposition and lease remaining space after prior reconfiguration works. The aim was to
enhance ERV, stabilise income and either refinance on investment terms or transfer to a
new fund vehicle.
The GRE solution
GRE Capital provided a senior loan with partial interest service and partial roll up, secured
by first legal charge, share charge and debenture. Covenants reflected a 66 percent LTV on
an external valuation with sensible break even metrics and a minimum interest period to
allow the business plan to be executed.
The outcome
The facility funded cosmetic upgrades and leasing initiatives to drive occupancy and rental
tone, creating a clear path to investment refinance or orderly sale. Our understanding of the
sub market and of Riverside Capital’s execution capability enabled us to lend with
confidence.
NATIONWIDE PORTFOLIO
Type:
Amount:
£17.3m
Senior Loan
Purpose:
Term:
Acquisition
12 Months
Location:
Portfolio across London & South East & North East of England
GRE Capital, alongside partners, agreed a 12 month senior facility of £17.34m secured by a first ranking charge over a granular portfolio of 76 properties..
