CNM Estates has completed on its purchase of the Tolworth Tower in Surbiton, Surrey, with the help of finance from Venn Partners and Aprirose Real Estate Investments.
Venn provided £42m in senior acquisition finance with a capital expenditure element to finance the first phase of development at the site.
The 22-storey building was put on the market in July with an asking price of £45m and CNM now plans to upgrade the site adding new cladding to the north tower, converting the north wing to housing and further upgrading the tower’s offices.
Aprirose provided mezzanine finance on the acquisition of the building.
Natale Giostra, head of treasury and capital markets at CNM Estates, said: “Venn Partners and Aprirose Real Estate Investment have both demonstrated their understanding of our business strategy and long-term vision for the new phase of Tolworth Tower. CNM Estates has a substantial balance sheet and own resources to deploy in the acquisition of new development sites and regeneration investment opportunities. We have a current pipeline of over 20 sites, most located in the Royal Borough of Kingston upon Thames and surrounding areas for an expected gross development value of over £1bn.”
