£15m Great Charles Street Estate acquisition funded by RBS

RBS has provided a loan of £15m to allow Angelo Gordon and Dunedin to acquire and refurbish four adjacent office buildings in Birmingham, known as the Great Charles Street Estate.

Part of the funding will be allocated to improve the surrounding public realm. The development will be carried out in parallel with the nearby Paradise scheme.

The buildings are currently partially let and will be refurbished on a rolling basis, as vacant possession is achieved.

Jacquie Furber, director of real estate finance for RBS in the Midlands, said: “Central Birmingham is going through a period of exciting change, with the new John Lewis store about to open and the Paradise City redevelopment opening up the city core even further.

“Our funding of Angelo Gordon and Dunedin will bolster the quality real estate proposition of the city – allowing Birmingham to continue to be a great place for firms to locate.

“This was a speculative letting risk for us but our relationship with Angelo Gordon and Dunedin is strong, so gave us confidence that they will be able to deliver their expected goals.

“The bank also has a detailed knowledge of Birmingham’s property market, so we are confident this deal will be an overall success.”