Read the full article published in React News here

BTR has seen record volumes, student living has become a mainstream asset and there are significant opportunities amongst retail woes. Office markets held stronger than expected, warehouse and logistics has seen a boom and hotels will likely bounce back in the wake of the vaccine

Despite a year of chaos and uncertainty, real estate fared pretty well in 2020. UK house prices have seen the strongest five-monthly gain since 2004. Commercial real estate has also seen significant global investment and strong investor appetite across a variety of asset classes

Daniel Austin reviews the real estate market in 2020 and shares his expectations for 2021

Formerly at Boodle Hatfield LLP specialising in secured lending and real estate finance, Henry brings significant experience to his new role working alongside legal counsel Sophie Hawkins, managing legal due diligence, deal execution and transaction monitoring.

Daniel Austin, chief executive at ASK commented, 
                “We are currently seeing significant growth in our client base, having now completed over 40 transactions totalling c.£370m. Henry’s role will be crucial to maintaining our ability to react to market opportunities and offer flexibility and speed of execution on transactions.”

ASK has appointed Henry Ryder as legal and transaction associate

ASK appoints new legal associate

Read the full article published in Business Leader here

Student numbers are continuing to rise across the UK. Most campuses have the capacity to accommodate first year students but second and third years rely on HMOs (houses in multiple occupation), putting increasing pressure on residential housing stock which in many cases is already in short supply

A £6.35m finance facility has been provided by real estate funding specialist ASK Partners, alongside a Coronavirus Business Interruption Loan from OakNorth Bank. The facility will be used by Hydrogen Falmouth, to develop a five-storey, Purpose Built Student Accommodation scheme, comprising 112 single-occupancy studio apartments

ASK and OakNorth Bank complete a £6.35M loan for new student accommodation development in Falmouth

Read the full article published in Property Week here

With low interest rates and unstable stock markets, we are already seeing more investors diversify portfolios to allocate more to real assets and build to rent is an appealing option, particularly to the institutional investor

Given the current economic uncertainty, counter cyclical asset classes that suffer lower volatility will hold a stronger appeal for investors

Daniel Austin explains why build to rent is an asset class that will hold strong appeal with investors in a downturn

We were delighted to help fund this development site in a very strong location. It is also a positive indicator that prime London residential still holds its appeal with foreign investors

Gulf Islamic Investments has planning permission to develop a high-end scheme of 31 new residential units and commercial space. The majority will be pre-sold to their middle eastern network; the penthouse has already been reserved

ASK provides a £25.5m senior loan secured against a prime freehold development site in Chelsea

The partnership also plans to launch an investment strategy for South African investors to deploy capital offshore

Daniel Austin, Chief Executive and Co-founder of ASK said, “We are looking forward to building on our partnership with WAAM. Investors worldwide are looking to put cash to work in alternative asset classes. ASK has proven that secured lending against UK real estate assets can provide very attractive returns.”

ASK announces new cornerstone investor, UK and South African-based Westbrooke Alternative Asset Management, to unlock capital for further investment in UK real estate

We expect to see significant activity in the office market including the continued trend for office to residential conversion

After a significant lull, the market is already seeing an increase in movement with some recent big-ticket acquisitions which are clearly a boost to the market and underline the attractiveness of London to global investors

Daniel Austin, ASK’s Chief Executive and Co-founder shares his opinion on why we can afford to be optimistic about the office market

As yields on cash, or near cash, drop to zero, coupled with high volatility in the stock market, investors are increasingly looking to debt markets to put their cash to work

Traditional bank lending has become scarcer since Covid hit and alternative lenders are seizing the opportunity to fill the gap

ASK’s Chief Executive and Co-founder Daniel Austin shares his thoughts on why alternative lenders could be the catalyst for recovery in the current market

The freehold site in Chiswick, an affluent residential suburb in South West London, has been bought with planning for 137 units and c.9,000 sq ft of retail accommodation in an exceptional location overlooking Chiswick High Road and a short walk from Chiswick Park underground station

ASK Partners has provided a £20m facility against a 1.3-acre site in Chiswick, South West London, to be developed by Great Marlborough Estates

ASK provides £20m senior loan against a mixed-use scheme in Chiswick, SW London

Read the full article published in Development Finance Today here

ASK Partners has appointed Mark Templeman as Chief Technology Officer. Formerly an independent consultant to the company, Templeman led the implementation of ASK’s client portal, drawing on his breadth of experience from senior positions delivering operational risk and technology platforms at Deutsche Bank and RBS

ASK appoints Mark Templeman as CTO

We are delighted to have supported the partnership between Hadley and Clarion with an £8.9m senior loan to assist with the acquisition of the Homebase site in Streatham Vale, South West London

ASK provides £8.9m senior loan to a joint venture between Hadley Property Group and Clarion Housing Group

The senior loan facility is secured against ‘The Brick’ a completed 73-unit residential development with commercial space in Maida Vale, London. This marks ASK’s first transaction with private real estate investment firm, Meadow Partners.

Commenting on the transaction, Elliot Blatt of ASK said: ”We were delighted to provide Meadow Partners with support on the final phase of their project, particularly given the current challenges facing the UK real estate market. With that in mind, we remain cautious in our approach, but our flexible capital base enables us to offer a diverse range of funding and continues to allow us to support new and existing clients.”

We are pleased to announce that ASK has provided Meadow Partners with a £25.5m senior loan facility secured against a completed residential-led development in Maida Vale

ASK provides £25.5m loan against a completed development in London’s Maida Vale

Daniel Austin speaking live on Bloomberg on Covid-19 and the future of UK real estate

Bloomberg interview with Daniel Austin

ASK has provided a senior loan facility secured against a mixed-use development in Clerkenwell

ASK’s CEO and Co-founder, Daniel Austin, shares his thoughts on the outlook for the UK real estate sector in 2020

ASK’s Elliot Blatt discussing the assisted and senior living sectors and the continued case for funding and investing in these assets

ASK makes the senior appointment of Kyri Hadjisoteris from Geneva Management Group

The loan assisted with the acquisition of the freehold two-acre site, currently occupied by a redundant car dealership, and will be used to support Montreaux’s bid to obtain planning permission for a new mixed-use scheme of around 200 residential units and 18,500 sq ft retail space. Two national supermarket chains have already expressed an interest in the proposed retail element of the scheme.

The project is aligned with local and national housing policy, which seeks to maximise the output of redevelopment and optimise housing delivery on brownfield sites to address the Capital’s housing shortage.

ASK announces it has provided an 18-month £11.05m loan facility Montreaux to support the acquisition of a 2-acre brownfield redevelopment site in the London Borough of Barnet

ASK provides £11.05m loan facility to leading property developer Montreaux for a residential-led mixed-use scheme in the London Borough of Barnet

Over ten years on from the global financial crisis, banks and other mainstream financial institutions are still reluctant to provide finance to the property sector, in particular to small and medium-sized developers. As a result, a range of alternative funding options have emerged to fill the gap.  Ranging from challenger banks and debt funds to peer-to-peer funders and boutique firms, each alternative has its own particular characteristics and here, Daniel Austin reviews their main features for the benefit of developers seeking to approach them.

Daniel Austin, CEO of ASK, reviews the alternative funding solutions that are available at a time where mainstream financial institutions are increasingly reluctant to provide finance to the property sector

Embracing alternative finance options

In the last four months, ASK has written over £100m in debt facilities secured against sites with significant development and asset management potential.

Daniel Austin, Chief Executive of ASK Partners, said: “Our recent facilities demonstrate the breadth of transactions we underwrite and our appetite to create bespoke and flexible financial solutions from across the capital structure and for a range of ticket sizes. Having worked with both Montreaux and First Urban before, we are fully confident in their ability to identify assets with significant asset management and redevelopment potential, as well as implement this efficiently to deliver meaningful value. We remain committed to supporting experienced property developers and investors by taking the time to understand each client’s requirements and providing suitable financing options to allow them to execute their strategy.”

Loans secured against sites in London, Peterborough and Coventry

ASK Partners tots up £100m of development and asset management loans in four months

ASK and OakNorth are delighted to have partnered with Groveworld, the established property developer which specialises in converting derelict and under-utilised sites into high-quality mixed-use environments, to provide  a combined facility of over £50m to fund Groveworld’s acquisition of a major mixed-use development site in King’s Cross.

Daniel Austin, co-founder and CEO of ASK, said: “We have completed several successful projects with OakNorth in the past, but this is the largest transaction we’ve worked on together, so we’re delighted to be supporting such an established and renowned developer. Groveworld has an extensive track record spanning almost 30 years and has been behind some of the most notable developments in London and the south east. This project will help continue establishing King’s Cross’ position as an epicentre for business, leisure and shopping in London, providing some much-needed affordable new homes and office space in the area.”

ASK, alongside Oaknorth Bank have provided a combined facility of over £50m to fund Groveworld’s acquisition of a major mixed-use development site in King’s Cross.

OakNorth and ASK provide £50m loan in London’s King’s Cross

Home

Loan secured against a two-acre potential development site in Streatham, South West London, currently comprising a two-storey Homebase store and associated parking. The property is let to Homebase on a lease expiring in November 2023.

ASK’s client intends to obtain planning permission for a residential-led mixed-use scheme of approximately 250 units alongside new commercial and retail space.

Site is income producing for the duration of the loan term and is considered to offer significant development and value uplift potential. 

Streatham

Loan secured against a two-acre brownfield development site in a predominantly residential suburban location in north London. The site comprises two warehouse-style buildings, formerly operated as a car dealership and repair workshop.

ASK’s client intends to obtain planning permission for a new mixed-use development of approximately 180 residential units and 18,500 sq ft of retail space.

Site is brownfield and is considered to offer significant redevelopment potential, with capacity to provide a considerable number of much needed new homes in the London Borough of Barnet.

Colney Hatch

Loan secured against a 1.5-acre site in central King’s Cross, currently comprising the former Royal National Throat Nose and Ear Hospital.

Site is considered to have significant redevelopment potential and is one of the last remaining regeneration sites within the immediate area.

ASK originated and structured the transaction, subsequently bringing in OakNorth Bank as co-lender. ASK’s facility includes a profit share arrangement with the client.

King’s Cross

Loan secured against a 0.39-acre site in Clerkenwell, London, comprising a former Victorian school building which was last in use as short term office accommodation.

The property benefits from planning permission for new grade A office space, a 153-bed hotel and nine affordable residential units. ASK’s client has secured a pre-let of the hotel element and a pre-let and sale of the affordable units.

Clerkenwell

ASK acquired an off-market 42,000 sq ft freehold office in Newcastle in partnership with an experienced asset manager.

Situated near the city’s Quayside region, the building is well-suited to creative and tech occupiers with >4 metre floor to ceiling heights, ample communal space, exposed brickwork and services and excellent natural light.

ASK’s strategy is centred around carrying out a rolling refurbishment to bring the building in line with market expectations, subsequently driving rents to capture the reversion in the market.

Newcastle

Loan secured against a 4.3-acre freehold business park in Bracknell, comprising c.68,500 sq ft (NIA) of office space with significant residential redevelopment potential. The office space is 32% vacant and income will be managed to achieve vacant possession in line with granting of planning permission.

ASK’s client intends to obtain planning permission for a mixed-use scheme comprising c.500 residential units alongside c.15,000 sq ft of commercial space.

The site benefits from excellent connectivity being linked to the train station via a footbridge and will serve as a “marker building” for the train station moving forward. Bracknell is also undergoing significant regeneration being driven by the Bracknell Regeneration Partnership, a joint venture between Legal & General and Schroders.

Bracknell

Loan secured against a 6.8-acre site in Cricklewood, North West London, currently comprising 86,000 sq ft (GIA) of retail warehousing (across three units) and 470 car parking spaces. The units are let to three tenants (B&Q, Tile Depot and Poundstretcher) on leases expiring in August 2020.

ASK’s client intends to obtain planning permission for a residential-led mixed-use scheme comprising in excess of 1,200 residential units alongside an element of commercial space.

Site is considered to have significant redevelopment potential and is one of the most prominent remaining development sites within the London Borough of Barnet.

Cricklewood

Loan secured against a prime West End office building in Covent Garden measuring 20,000 sq ft. ASK’s facility was provided in conjunction with an institutional high street bank as part of a wider £24.5m debt facility to assist with the site acquisition and repositioning of the asset to a boutique hotel.

The client is a well-known hotel operator and achieved planning permission during the term for a change of use from offices to a c.130-bed hotel.

Covent Garden

Loan secured against a 2.1-acre site in Radlett comprising 41,000 sq ft (GIA) of office and warehouse/storage accommodation and 123 on-site car parking spaces. The site is fully-let and produces £0.58m p.a., on a lease expiring in December 2021.

The property is considered to be a highly reversionary asset with significant asset management and redevelopment potential. ASK’s client intends to re-gear the existing lease, or alternatively obtain planning permission for a mixed-use office and residential scheme.

The senior loan facility was provided by a high street bank.

Radlett

Development exit loan secured against a completed residential-led development in Maida Vale, London, comprising 73 residential units alongside an element of B1 and D1 commercial space.

The fully completed scheme provides high quality residential stock in a very desirable location in north-west London.

The Brick

Loan secured against a 1-acre site in Slough with planning consent for 100 residential units. The client subsequently enhanced the planning consent, gaining permission for a further 19 units.

ASK’s facility assisted with the site acquisition (including VAT) and the initial phase of construction. The rest of the development funding was provided by an institutional high street bank.

The client has agreed a pre-sale of the affordable component to a housing association and the development is progressing well towards practical completion.

Slough

Loan secured against a prime leasehold two-bedroom apartment situated between Mayfair and St James’s, in London’s West End.

The 1,110 sq ft apartment is situated on the fifth floor of a prominent office building and features a terrace, two bathrooms, a separate kitchen and 24-hour porterage.

The client has significantly enhanced the value of the property by carrying out extensive interior refurbishment works and a complete internal re-design.

Arlington

Loan secured and cross-collateralised against two sites, the first of which is in Chippenham and was acquired unconditionally by ASK’s client in 2017. The client subsequently obtained planning permission for a 140-unit retirement living scheme on the site.

The second site is in Chertsey and was introduced to the client in March 2019, and ASK’s loan provided support for this purchase.

The site measures 4.6 acres and has outline planning permission for a 116-unit retirement living scheme, and forms part of a wider Masterplan site where CALA Homes will be delivering 212 residential units. Detailed planning will be granted on satisfaction of all reserved matters.

Transaction type	Senior loan - acquisition & planning
Loan amount	£8.9m
Location	Streatham, London
Term	2 years

Transaction type	Senior loan - refinance
Loan amount	£12.5m
Location	Clerkenwell, London
Term	12 months

Transaction type	Senior loan - development exit
Loan amount	£25.5m
Location	Maida Vale, London
Term	2 years

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