ASK and OakNorth Bank have provided a £44.5m senior development and acquisition loan to privately owned property development company Sheen Lane Developments, to fund the acquisition and refurbishment of a former department store.
ASK provides £44.5m co-loan with OakNorth Bank for Richmond House of Fraser acquisition
Elliot Blatt, Investment Manager at ASK Partners said:
“From a finance perspective we were delighted to work with Sheen Lane. The company has an excellent reputation and they have a strong business plan and well-thought strategy for this scheme. I believe their scheme will make a great contribution to the public realm.”
Hemesh Patel, Director of Property Finance at OakNorth Bank, said:
“OakNorth Bank is always thrilled to partner alongside ASK to deliver specialist finance solutions for the UK’s real estate industry. The site in Richmond has excellent prospects and we look forward to watching the refurbishments take shape moving forward.”
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