Howard Kennedy advise Octopus Property on funding £48m acquisition of Sky’s Brentford offices
Howard Kennedy’s Banking and Real Estate Finance team has advised Octopus Property on the funding of the acquisition of the former Sky offices in Brentford.
The funding was arranged and completed in a record time of just 10 days, allowing the unnamed buyer to acquire the property in Brentford.
Octopus Property provided £31.3m of senior debt, with Reditum providing mezzanine funding.
The site comprised New Horizons Court, a 140,248 sq ft office campus spread across four buildings including Sky’s former HQ, as well as three additional office buildings known as The Courtyard Buildings, providing a further 30,072 sq ft of space. Planning applications have been made under permitted development rights to convert New Horizon Court into 268 studios, one and two bedroom apartments.
The Howard Kennedy team was led by Partner and Head of Banking and Asset Finance Steve Clinning, supported by Senior Associate Laura Brown.
Steve Clinning said:
Howard Kennedy and Octopus Property enjoy a long-standing relationship, and that helps move these funding deals across the line quickly. That said, this was exceptional due to the size of the funding and the properties involved. Both Howard Kennedy and Octopus Property are well placed to meet investor and developer’s needs, and we are thrilled to have been able to play a part.
Howard Kennedy has 53 partners and numbers 350 people in total and works alongside national and international clients across many disciplines, including banking, corporate and commercial, family, finance, employment, dispute resolution, intellectual property, private client, real estate and tax. Howard Kennedy has particular focus on the Financial Services, Media and Technology, Real Estate, Retail and Leisure, Sports Individuals sectors, and, through HK One, the firm’s legal concierge service for high net worth individuals with complex legal needs.
Matt Baldwin, Coast
Tel: 01233 503200 / 07930 439739
Daryl Atkinson, Business Development & Marketing Director