London 9 December 2020 – CBRE Global Investors Credit Strategies has provided a £52m investment loan to Lifestory Group developer, Anthology.
The deal refinances 150 apartments that remain for sale at Anthology’s 195-home Wembley Parade and 316-home Deptford Foundry developments. Both schemes completed in early 2020 and the majority of homes from the award-winning London-developer have been sold, with most properties qualifying for the government’s Help to Buy scheme.
Moorhall Capital, which was established in May 2020, arranged the financing in its market debut.
Rob Jones, principal at Moorhall Capital and formerly of BBS Capital and Lloyds Bank, founded the firm to specialise in real estate transactions across Western Europe.
Commenting on the deal and on the launch of Moorhall Capital, he said: “For Moorhall Capital to make its bow with a bespoke facility across two high quality developments, and during a period of unprecedented market uncertainty, is something we’re very proud of. I couldn’t think of a better foundation on which to build our business.
“CBRE Global Investors has remained a pragmatic and patient funding partner. They worked closely with us to structure a facility that gives Anthology the flexibility it needs to manage the sale of the remaining units. It is testament to the quality of both projects that they have been met with continual demand in spite of the current headwinds.”
Chris McMain, Fund Manager, CBRE Global Investors Credit Strategies EMEA, said: “Both Deptford Foundry and Wembley Parade are developments of exceptional quality, in vibrant, emerging neighbourhoods. These fundamentals have seen units sell well during the pandemic and we’re delighted to have a role to play in the future success.”
David Clark, Chief Financial Officer, Lifestory, added: “These two new developments bear all the hallmarks of Anthology’s award-winning quality and we’re pleased at how they’ve performed against a challenging backdrop.
“This new funding agreement gives us the certainty we need to complete the sale process of the remaining units as the wider market continues to recover. Moorhall Capital has connected us with a great funding partner and we are looking forward to building a long lasting relationship with them.”
Anthology was founded in October 2013 and has already delivered over 700 homes to the London market, with a further 950 homes in planning / under construction at its Hale Works, Kennington Stage and Stratford Mill schemes.
CBRE Global Investors Credit Strategies EMEA was established last year following the acquisition of Laxfield Capital. The platform has approximately £1 billion of assets under management.
Based in London, Moorhall Capital provides clients with a bespoke service covering origination, structuring and execution support across all real estate asset classes.
– ENDS –
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $114.5 billion in assets under management* as of September 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.