Property development and lending company, Acklam Group, has provided £5.5m of mezzanine finance to Burrington Estates to support its ongoing redevelopment of Winslade Park in Exeter.
The loan from Acklam’s structured finance department forms part of a wider £27m development finance package provided by Octopus Real Estate.
Winslade Park, a former AVIVA campus, is undergoing a comprehensive redevelopment by Burrington Estates and will offer 170,000 sq ft of office space alongside a central hub with restaurant, bar, gym and leisure facilities.
The first phase of office space opened in February 2022 and is fully let to occupiers including AECOM, Blue Marble Environmental Partnerships and LRM Planning. Further phases of the scheme will provide flexible, modern office space, well suited to accommodate both headquarters operations and growth businesses.
Winslade Park also includes premium wellness facilities and high-quality residential space. The ongoing development of the 86-acre estate will enhance its offering as Exeter’s leading work and lifestyle community.
Ed Matthews, Head of Real Estate Lending and Investment at Acklam Group, added: “This project ticks all the right boxes in terms of our lending criteria; a flagship asset with a clear proposition being delivered by trusted and quality partners. We acted quickly and commercially, and have a real appetite to deploy significant funds into commercial and residential bridging loans across the UK with the aim of becoming an established challenger lender by the end of 2022.”
Acklam Group is an emerging new entrant focused on residential-led development, and real estate lending in London, the south-east and key cities across the UK. Led by Charlie Hustler and Ed Matthews, formerly of Essential Living and Topland Group respectively, Acklam is backed by two UK-based family offices and has substantial capital to deploy during 2022 and beyond.
Acklam has completed eight projects to date – through a combination of development, lending, investment and consultancy – totalling a GDV in excess £500m and across more than 1,500 units.