Ask Real Estate has secured £30m of funding from Canada Life Asset Management for its One Strawberry Lane office scheme in Newcastle city centre.
The asset manager has backed the delivery of the six-storey, 70,000 sq ft office building, which will be the new headquarters for housing association Home Group, which has taken a 30-year lease.
Newcastle City Council approved plans for the office building earlier this year. Construction is earmarked to start later this month and is due to complete in April 2022.
Ask Real Estate managing director John Hughes said: “Canada Life Asset Management’s investment is great news for the region and is a clear indicator of its commitment to funding prime grade-A offices such as One Strawberry Lane.”
JLL acted as the investment agent, and CBRE and Avison Young represented Canada Life Asset Management.
Also in Newcastle, Ask Real Estate received the green light for its £260m riverside arena complex at Gateshead Quays, which is being delivered as part of a joint venture with Patrizia, earlier this month.
Ask:Patrizia, the council’s development partner, will build a 12,500 capacity arena operated by ASM Global.
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