Real estate lender Mera Investment Management has announced the completion of a £7.5m bridging loan secured against an industrial warehousing and self-storage project located in Southeast England.
The 18-month facility will allow the borrower time to complete sales and pre-lets across the site, which has attracted several large new occupiers.
Plans that include the expansion of the prominent lorry park, in addition to the creation of self-storage facilities and warehousing, have been welcomed by a number of successful local businesses looking to scale their facilities and operations.
The developer, an existing contact of Mera’s, has been operating for 40 years and is highly experienced across a variety of asset classes.
This is another example of Mera’s ability to support alternative asset classes such as roadside and automotive, as well as self-storage. The company has strategically identified these sectors as growth opportunities for its lending department and is looking to deploy more capital into similar assets.
“It is exciting to close this deal with a valued developer partner whom I have had the opportunity to work with before," comments Edward Matthews, CEO of Mera Investment Management (on the right pictured with newly appointed Director of Portfolio Management, Capital & Reporting Raj Bath). “There were complexities to this transaction, including title restrictions, that required a specialist understanding of the risks involved.
“Our expertise, coupled with the existing relationship with the client, meant that we could mitigate these complications and provide a timely solution.”
