ASK lends £18.2m for major Hammersmith acquisition

ASK has provided an £18.2m acquisition facility to SENG. The borrower has acquired 26-28 Hammersmith Grove, a prominent mixed-use site in West London.

The 2.3-acre income-producing site comprises approximately 200,000 sq ft of office, retail and leisure accommodation and has excellent redevelopment potential.

SENG, a privately-owned property company with an established track record in the London residential market, has acquired the asset as part of its wider living sector strategy. This acquisition continues the relationship between ASK and SENG, with ASK having previously provided acquisition finance to the business on other London transactions.

Ben Bellman, originator and deal lead at ASK Partners, said:

“SENG has a strong track record of identifying assets with the potential to create long-term value, and we are delighted to support them on another acquisition. The underwrite is strongly supported by the income producing nature of the asset and the transaction demonstrates ASK’s ability to provide flexible acquisition finance for experienced sponsors, particularly where certainty of execution and an understanding of the underlying real estate are critical.”

Elliot Dubey, Partner at SENG said:

“Hammersmith Grove is an exciting addition to our portfolio and aligns well with our wider living sector strategy. We have worked with ASK on a number of transactions and value their commercial and flexible approach. Their understanding of our business and ability to move quickly provided the certainty we needed to complete this acquisition.”

Read the full press release here