Ruby Triangle gets £45m boost from Fortwell Capital

Avanton’s Ruby Triangle development on Old Kent Road in south London has been given a £45m boost from Fortwell Capital. The finance will help to bring forward the 1,152-home scheme which received planning consent last October. Ruby Triangle sits on a 3.5-acre site bounded by Old Kent Road, Ruby Street and Sandgate Street. It has a GDV of £520m. Development will see five towers of up to 48 storeys, a church, a community sports hall, a public park and workspace. The residential offering includes 40% affordable housing by habitable room, to be delivered by A2Dominion. It is one of several high-density regeneration schemes within the Old Kent Road Opportunity Area and is located near to the proposed Bakerloo line extension, with two stations on Old Kent Road expected by 2026. Dan Smith, executive director of Fortwell Capital, said: “Fortwell Capital has a large appetite for supporting developers and investors on larger, more-complex real estate financing opportunities – especially since the £400 million capital injection it received from Cain International at the end of 2018 – and the firm’s origination strategy continues to involve projects such as Ruby Triangle.” Omer Weinberger, managing partner of Avanton, comments: “Like all our schemes, Old Kent Road will put community first, with the new sports facility and new public park with outdoor gym equipment and children’s play areas. “Our on-site incubator space, dedicated to local entrepreneurs and start-ups, will contribute to the regeneration of Old Kent Road, making it a vibrant location for years to come.” The loan is the second Fortwell Capital has extended to Avanton, and the third major facility written by the firm in the past month, bringing the amount of capital deployed by the lender since the end of February to more than £131m . The financing was sourced by Link Asset Services. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette