ASK Partners has provided a loan to HUB Residential and H.I.G. Capital for the acquisition of Finsgate House in East London. The joint venture aims to secure planning consent for a mixed-use development on the site, located near Old Street roundabout.

The loan will facilitate the redevelopment of three interconnected office buildings into a residential-led scheme with additional commercial space. Elliot Blatt, Head of Origination at ASK, commented, “This is an excellent redevelopment site and is a great option for a residential-led strategy given its location nearby the soon-to-be-completed Old Street roundabout. The area is due to become a transport hub for both students and young professionals in the city, making the development exceptionally well-suited to the area. It was a pleasure to work with HUB and H.I.G., and we wish them well with their business plan for the site.”

The project is expected to be discussed at upcoming property networking events in London, where industry professionals will explore the development’s potential impact on the local market. Such investment events in London are crucial for fostering collaborations and exploring new opportunities.

HUB and H.I.G. will collaborate with Hackney Council to ensure the scheme benefits the local community and adds value to the borough. This is HUB’s first project in Hackney and their initial collaboration with H.I.G. Capital, as well as their second financing with ASK. Miles Keeley, Head of Acquisitions at HUB, stated, “This is a great example of our investment thesis in action of targeting secondary buildings in prime locations that allow value to be added. We are pleased to be working with both counterparties on this transaction.”

ASK’s loan portfolio recently surpassed £1bn, marking a major milestone for the firm. This achievement highlights ASK’s adaptability as a lender, enabling it to maintain lending activities through various economic cycles without capital loss. This flexibility allows ASK to offer its private client investors a variety of real estate debt investment opportunities according to their risk profile.

The project’s innovative approach and strategic location will undoubtedly be mentioned at real estate networking events in East London, providing a platform for further discussions on how to win construction contracts and develop successful mixed-use schemes in prime locations.