Leumi UK has provided a £10.4m investment loan to refinance a three-asset commercial portfolio in London owned by property developer and investor Sterlet.
The facilities cover properties in Fitzrovia, Elephant & Castle and Acton, with the funding supporting the refinancing of assets that combine income generation with longer-term development potential.
The largest property in the portfolio is 33 Manor Place, a newly refurbished Grade II listed complex close to Kennington and Elephant & Castle tube stations. Comprising the Manor Place, Wash House and Bath House buildings, the former Victorian swimming baths extend to 22,461 sq ft and are fully let to Palace Skateboards, which has invested heavily in fitting out the space.
The site has been repositioned as a creative and events destination following a commercial collaboration with Nike.
The second asset, 17 – 19 Foley Street, is a corner office building in Fitzrovia providing 9,312 sq ft of office accommodation arranged over four floors. The building is multi-let and benefits from planning consent to add an additional floor alongside a wider refurbishment programme.
The third property, 179 – 181 The Vale, is a specialist commercial unit of 3,086 sq ft let to a telecommunications provider. Located close to Acton Central station, the building operates as a switch centre serving the wider Acton area.
Sterlet was advised by Brotherton during the transaction.
Sterlet commented: “Leumi UK took a pragmatic and collaborative approach throughout the process, says constructively with us to deliver a tailored financing solution that aligned with our objectives.
“We look forward to working together as we implement our business plans across the portfolio.”
Marcus Booth, associate director at Leumi UK, adds: “It has been a pleasure to work with Sterlet which has an excellent track record of acquiring and developing differentiated properties with strong fundamentals.
“This transaction demonstrates our commitment to working closely with our partners, and to delivering tailored, highly flexible financing structures that meet our client’s individual goals.”
