Christian Candy’s Omni Capital has provided a slug of construction finance for the major redevelopment of the Ageas Bowl – formerly the Rose Bowl – in Southampton, home to Hampshire Cricket Club and host to international Test cricket.
The construction facility is to fund all the costs associated with the £27.4m project over 12 months. It will enable the completion of a new 175-bedroom Hilton Hotel on site with a branded restaurant, spa, conference and hospitality facility, 18-hole golf course and media centre.
The project – a collaboration between RB Sport & Leisure Holdings and Eastleigh borough council – fell into financial difficulty in September 2013 when former contractor Denizen went into administration. Omni’s loan has enabled the project to restart with Powells Group appointed as the new contractor.
It is one of the first deals generated by Omni Capital’s new structured finance division, which launched earlier this month, led by former managing director of Eurohypo, Dan Smith.
Omni Capital has set a funding target of £1bn in 2014 in response to increased demand for high-value short-term loans from property developers and investors.
It also completed on a record £127.5m development funding loan earlier this year for 1 Palace Street, SW1, a prime residential scheme next to Buckingham Palace.
Smith said: “This was a complex structured loan perfectly suited to Omni Capital which was able to use its expertise to underwrite the development and provide the flexibility to allow the project to continue. The Ageas Bowl represents the future of international cricket in the UK and the project will have an overwhelming positive impact on the local community.”
annabel.dixon@estatesgazette.com
