£10.5m loan secured against prime office building

Real estate funding specialist ASK Partners has provided a £10.5m loan facility secured against a 1.65-acre site which includes a three storey, 70,000 sq ft office building in central Solihull, currently let to the National Grid.

The borrower, managed by the privately-owned investment management firm Urbana Partners, said it has acquired the site with a view to its strong income and long-term potential.

Nick Lloyd, partner at Urbana Partners, said: “This acquisition is central to our core strategy of securing mid-market commercial opportunities with strong long-term income potential. This is a very well-located office building with excellent natural light, ample parking and a good tenant. We are delighted to have completed this transaction with ASK.”

Daniel Austin, co-founder and CEO of ASK, added: “ASK was very pleased to help fund this acquisition for Urbana Partners.

“Given the growing popularity of the UK’s ‘second cities’ and the government’s levelling up agenda I believe this site has great long-term investment potential.”