London, 2 February 2018.
PMM REF closed its first transaction prior to the Christmas break, providing a £6.525m facility to property development firm Empryean Developments, turning the deal around in 3 weeks.
The finance was secured against 107 Station street, a 194,000 sq.ft office property and former brewery in Burton-upon-Trent. The property is a Grade II listed building and is partially let to Healthcare at Home, a European provider of clinical and pharmaceutical homecare solutions, on a long term lease.
Gareth Williams and Domhnall Gaffney, co-founding partners of PMM REF commented:
“The property is ideally positioned in the Midlands catchment area, for occupiers seeking large floor plates ranging from 20,000 to 40,000 sq. ft. with a short lead time to occupation, at a very competitive total occupational cost. The property’s true competitor is a design and build strategy and, as such, this asset has a compelling offering to occupiers”.
Nick Charalambous, owner of Empryean Developments, commented:
“PMM were able to underwrite the real estate fundamentals rather than being driven by a loan policy, therefore structuring a loan to support our business plan to drive value in this property. Their partnership approach, commerciality and drive to close the deal will stand us in very good stead”