Cambridge & Counties Bank completes one of the largest lending deals of past 12 months to support the purchase of Milton Keynes office complex
A leading professional property investor has purchased four fully tenanted purpose-built modern office blocks in Caldecotte Business Park, Milton Keynes, with £9.5 million in debt funding from Cambridge & Counties Bank.
Completed at the end of December, the deal was one of the bank’s largest single loans of 2023 and underscored its ongoing commitment to professional real estate investors and demand for its specialist lending solutions.
The professional investor and developer has purchased the freehold of each of the low-rise office buildings as part of a wider investment plan across the entire business park in Milton Keynes.
The sponsor has particular expertise in redeveloping office buildings and working closely with stakeholders such as councils to meet the needs of local tenants and residents.
The team was introduced to Cambridge & Counties Bank by David Thomas at panel broker Seaford Finance LLP. Due to Cambridge & Counties Bank’s bespoke approach to lending, the transaction was turned around in just three weeks, including completion of legals and valuations having been let down by another funder.
Dedicated funding for all types of property assets has long been a focus for Cambridge & Counties Bank and its UK Real Estate Finance Team. During 2023 and into 2024, the bank continues to invest in the front line and operational teams, catering for the increased demand for its bespoke solutions and sophisticated customers.
The deal was supported by Lindsey Lock, a Senior Director at BNP Paribas, who acted as valuer, and Alison Kellett, Partner at solicitors Kuits.
Carl Ashley, Regional Director at Cambridge & Counties Bank said:
"At almost £10 million in financing, our support for this experienced investor was the bank’s largest funding deal in 2023 and has paved the way, we believe, for a stronger 2024. It demonstrates the bank’s deep commitment to supporting clients, old and new, with a track record of success in the UK real estate sector.
“Many office assets in the UK represent excellent, long-term value and we’re delighted to be able to execute this latest deal in the active Milton Keynes market on behalf of this major client and successful developer.”