Investec Structured Property Finance has provided Teddy Sagi’s LabTech Group with a £72m loan to fund the development of a major 140,000 sq ft mixed-use scheme in King’s Cross, NW1.
Alongside Investec’s £43m commitment, £29m of debt has been arranged with Bank Hapoalim, Israel’s largest bank, as Investec continues to structure club deals and leverage other balance sheets for its clients.
The scheme is located at 101 Camley Street, adjacent to King’s Cross Central, Europe’s largest regeneration project, where planning consent has been granted to develop 121 one, two and three-bedroom luxury apartments and 29,000 sq ft of co-working space.
The apartments will be let and operated by Labs Live, and the flexible office space will be provided under the Labs co-working platform.
Labs Live and Labs are Sagi’s respective PRS and co-working platforms and this transaction represents the first scheme where they will come together to offer customers a residential and working solution.
Initial works have commenced on the scheme and practical completion is expected in 2020.
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