Real estate lender completes £8m loan for 36,000 sq ft office scheme

A 36,000 sq ft office scheme in Leeds is set to be acquired after specialist lender Fortwell Capital completed an £8m acquisition loan to Dreadnought Estates.

Headrow Court is situated in the city’s central business district, and is fully let on a lease expiring at the end of 2037.

The purchase of Headrow Court will bolster Dreadnought’s £300m property portfolio.

Fortwell Capital, the principal lender to developers and investors within the real estate sector, received a cash injection of £400m  by Cain International at the end of 2018.

This loan is the first to complete in a pipeline of deals being progressed by Fortwell Capital.

Arthur Jennings, managing director at Fortwell Capital, said: “It’s great to have completed our first deal of 2019 in January by supporting Dreadnought Estates in Leeds. Our investment team’s growth and thorough underwriting capability, coupled with our board’s in-depth understanding of debt financing, facilitate rigorous underwriting and efficient decision-making.

“This will empower Fortwell Capital to become a more significant player in the future. We look forward to leveraging this ability and to continuing to work with Dreadnought as it grows its portfolio.”

Duncan Hamilton, Dreadnought Estates, added: “Our aim is to deliver the highest standard of office accommodation in regional cities such as Leeds, working with established partners to ultimately occupy the spaces being created.

“With the bespoke financing solutions provided by Fortwell Capital, we are able to bid with confidence and complete transactions quickly and efficiently. We look forward to deepening our relationship with Fortwell Capital through the financing of further projects.”