Investec Structured Property Finance has provided finance to Savills Investment Management for a joint venture between Fruition Properties and the Savills Prime London Residential Development Fund II.
The £5.7m loan will support the acquisition of a potential 59-home scheme in Southwark, SE1.
The industrial property at 18-19 Crimscott Street does not have planning.
James Whidborne, fund director at Savills IM, said: “This is the seventh acquisition for PLRDF II and our second deal with Investec.
“This will further diversify our holdings by geography, partner, price point and planning profile.
“The fund team is excited to be working with both Fruition Properties and Investec on this new project in a really exciting and vibrant part of London.”
CBRE’s UK Development business acted for Savills IM and Fruition to acquire the site.
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