Property lender Cohort Capital has closed an £11m loan for the refinancing of a life sciences hub in Surrey.
The Victorian Grade II listed former pump house site in Sunbury-on-Thames contains more than 55,000 sq ft of grade-A laboratory space following a conversion and restoration project in 2022.
The space, spread across a collection of buildings, is designed for small businesses involved in research work. It is fully let to Touchlight, which specialises in the production of DNA for the development of genetic medicines.
Cohort Capital’s £11m loan will contribute to the growth and expansion of the landlord’s portfolio of ESG-related companies. The facility went towards a refinancing of the development lender and a recapitalisation. The facility is over 18 months and includes security over a portfolio of mixed-use property in Surrey.
Bal Sohal, co-founder of Cohort Capital, said private credit in the £3m-£75m space was becoming more sought after in the current climate. Cohort has originated £490m of loans since its inception four years ago, with an average closing time of 10 days.
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