Investec backs Meadow’s King’s Cross play

Meadow Partners has secured an £11.2m loan to buy a five-storey building in the heart of King’s Cross, N1. Investec Real Estate has extended the 36-month senior loan, to support Meadow’s acquisition of the prime, mixed-use building at 20 Northdown Street. The Squire & Partners-designed building includes 14 apartments and approximately 8,200 sq ft of office space on the lower ground, ground and first floors. Meadow intends to refurbish and reposition the apartments, the entrance lobby and the building’s common areas to deliver a refreshed residential offering to the undersupplied King’s Cross market. The deal takes Investec’s financing of Meadow to more than £71m across four London schemes. Jonathan Long, Investec’s head of corporate real estate, said: “This transaction further solidifies our relationship with Meadow. The current macroeconomic backdrop is challenging but also offers a rare investment opportunity for those highly experienced value-add managers with embedded local teams.” Meadow co-founder Andrew McDaniel, added: “Given the chronic undersupply of suitable residential accommodations in London, coupled with the shortage of office space for SMEs in the King’s Cross submarket, this transaction further represents the successful execution of Meadow’s high conviction strategies and strong boots-on-the-ground team in the UK.” To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews View market analytics for Northdown Street >> See which agent is doing the most deals in the submarket >> Image supplied