London-based Islamic bank, Bank of London and the Middle East, has provided an £11.3m refinancing facility against a historic Georgian crescent in Bath.
The borrowers are Future Heritage, a Bath-based property developer focussed on historic properties, and Strategic Iconic Assets Heritage Acquisition Fund, a Brunei private equity fund.
4-20 Somerset Place is a Grade 1-listed crescent of homes.
Alice Myers, head of property finance at BLME, said: “It is rare for a single crescent house to come onto the market so for BLME to be involved in the acquisition of an entire crescent is a privilege and exciting opportunity. In recent years many developers have found it difficult to secure reliable financing from banks, for either refinancing or acquisition finance. With this transaction we have demonstrated once again that BLME is ideally placed to address this funding gap, specifically the UK mid-market space.”
sophia.furber@estatesgazette.com
