Investec backs Old Kent Road resi

Investec has provided an £8m loan to the joint venture between Avanton and Urban & Provincial for its 262-home residential scheme at the former Carpetright site on Old Kent Road, SE15. The scheme at 651 Old Kent Road received planning consent from Southwark Council last week. The facility is the third to Urban & Provincial and Avanton. The developers will use the £8m to refinance existing debt on the scheme. Daniel Carlisle, at Investec Structured Property Finance, said: “On this occasion our agile team moved quickly to deliver on tight funding deadlines and despite the unforeseen Covid-19 pandemic, together with our legal risk team, we were able to execute the transaction within a month of terms being issued.” Work is expected to commence early next year, with completion expected in Q4 2022. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette