Savills Operational Capital Markets was instructed by Muse Developments (on behalf of Lewisham Gateway Developments Limited) to procure a forward funder for the entirety of the second and final phase of their Lewisham Gateway town centre redevelopment.
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Savills worked closely with our client during the pre-marketing stage to ensure that the opportunity, complex as it was, was packaged and presented as clearly and attractively to the institutional funding market as possible. Each value component was separately presented and underwritten to enable investors to appraise the opportunity as simply and thoroughly as possible.
As a result, we procured 11 bids or EOIs through our marketing campaign, and ultimately secured Get Living as the preferred forward funder, at a price ahead of our client’s target pricing.
At over £250 million and with 649 units, co-working space and 120,000 sq ft of retail and F&B space, the development remains the largest single asset residential-led forward funding to date in the UK.
We’re naturally delighted that we’ve finally got this deal over the line. Since going to market in 2016, we’ve had all sorts of challenges thrown at us – including two general elections, Brexit, a planning deferral, refusal and re-submission, and of course, a global pandemic. We’re thrilled we’ve come through it successfully. The resolve to do that has been critically supported and enhanced by the Savills team and huge thanks from us in that regard. Moreover, working with the Savills team has been really enjoyable and that’s so important.
Mike Auger, Regional Director, Muse Developments