InfraRed strikes refinance loan for West End office

InfraRed Capital Partners has secured a near-£19m loan to refinance its Verve building on Villiers Street, WC2. The company has struck the £18.75m value-add facility with Fortwell Capital and will use it to refinance the 19,000 sq ft, seven-floor mixed-use scheme opposite Embankment Tube station. InfraRed bought the building, then known as Hempsons House, for £25m in April 2017 before refurbishing and relaunching it as the Verve in December 2019. The owner will now begin a £1.1m refurbishment to bring the remaining vacant space up to Category A+ specification. Investment director Alex Ray said the funding line will allow it to “create high-quality space, fit for today’s occupier market”. It expects to welcome new tenants in August. InfraRed’s European real estate business is in the process of being marketed for sale after a strategy review initiated by new owner Sun Life. The company said at the time that the investment management arm “would be best served independently” and that talks with potential buyers are underway. To send feedback, e-mail tim.burke@egi.co.uk or tweet @_tim_burke or @estatesgazette