Investec provides €26m to Greenridge Opportunities Fund

Investec Bank has announced a committed loan facility of £22 mln (€25.7 mln) to the Greenridge Opportunities Fund, sponsored by Greenridge Investment Management.

3 Temple Quay, Bristol.

This funding will facilitate the acquisition and ongoing refurbishment of 3 Temple Quay, a prime 9,290 m2 office building located in Bristol.

Greenridge initially acquired the asset using equity and subsequently engaged Investec for financing. The resulting 48-month facility is structured with an initial tranche and a dedicated capital expenditure tranche to support a phased refurbishment program. This bespoke arrangement allows refurbishment work to proceed while tenants remain in occupation, ensuring continuous rental income throughout the project.

Situated approximately a three-minute walk from Bristol Temple Meads station, 3 Temple Quay is in a well-established office district. The planned refurbishment will significantly upgrade the mechanical and electrical systems, office floorplates, and communal areas. These enhancements aim to improve the quality of the accommodation, positioning the building to meet the strong demand for high-quality, well-located office space in Bristol, a market currently experiencing a limited supply of top-tier assets.

This transaction marks Investec’s first deal with the Greenridge Opportunities Fund.

Alice Harman, Investec Real Estate, said: “This transaction demonstrates Investec’s ability to deliver structured and flexible financing solutions that align closely with a client’s asset management strategy. The phased refurbishment and tenants in situ called for a tailored approach, and Investec was pleased to support Greenridge with a collaborative facility that enables the transformation of a prime Bristol office asset while preserving income throughout the business plan.”

Tracey Folkes, Greenridge Investment Management, said: “The market is facing significant supply constraints, further exacerbated by the impact of impending energy regulations. Bristol is a key market outside of London, and Greenridge is delighted to have secured this asset in a prominent location that is benefiting from wider regeneration. Investec’s support and understanding of the phased works programme were central to implementing Greenridge’s business plan, providing the flexibility to refurbish the building while retaining existing tenants and income.”