OakNorth provides funding for east London Locke aparthotel

George Sell George Sell Uploaded 14 February 2020

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UK: OakNorth Bank has provided £27 million of funding for the development of a 12-storey aparthotel in Aldgate, operated by Edyn Group.

The site will be developed into a new 12-storey Locke aparthotel, consisting of 103 units, office space on the mezzanine level and a ground floor restaurant. The site is a short walk from Aldgate East Station and the new Crossrail station at Whitechapel, with proximity to numerous restaurants, bars and shops.

OakNorth Bank has provided a bespoke £27 million structured finance facility to developer Oaktree Capital Management, a leading global alternative investment management firm, and the former owner of the Edyn Group, then known as SACO, before its sale to Brookfield in 2018.

Merzak Kaddour, investment director at Edyn Development Studio, said: “We are delighted to have partnered with OakNorth Bank for this transaction. Our decision to work with OakNorth was driven primarily by the strong relationship I have with the debt team and the depth of knowledge displayed by OakNorth’s team in structuring this facility. We look forward to a prolonged working relationship”.

Deepesh Thakrar, senior director of debt finance at OakNorth Bank, said: “We’re delighted to be working with the Edyn team and the strong backing of Oaktree Capital who are one of the world’s leading alternative investment managers, with real estate and infrastructure type assets making up 14 per cent of its total $122 billion under management. This was an exciting opportunity to work with a highly experienced team with one of the most notable track records in the industry. We look forward to working with them in the future as they continue to grow their UK portfolio.”

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