Fortwell Capital lends £8m for Leeds office scheme in first transaction of 2019

London, 11 February 2019

Fortwell Capital, principal lender to developers and investors within the UK real estate sector, has kicked off 2019 with the completion of an £8 million acquisition loan to Dreadnought Estates. The loan will facilitate the purchase of Headrow Court, a 36,000 sq ft office scheme in Leeds, adding to Dreadnought’s £300m portfolio. 

Headrow Court is situated in a prominent location in the Leeds central business district, and is fully let on a lease expiring at the end of 2037. 

The loan is the first to complete in a busy pipeline of deals being progressed by Fortwell Capital. Following the £400 million injected into the business by Cain International at the end of 2018, Fortwell Capital has a large appetite for supporting developers and investors on larger, more-complex real estate financing opportunities. Part of the firm’s 2019 origination strategy is to expand beyond Greater London and pursue similar lending opportunities across a broad range of asset classes in strong regional centres.

Arthur Jennings, Managing Director at Fortwell Capital said: “It’s great to have completed our first deal of 2019 in January by supporting Dreadnought Estates in Leeds. Our investment team’s growth and thorough underwriting capability, coupled with our board’s in-depth understanding of debt financing, facilitate rigorous underwriting and efficient decision-making. This will empower Fortwell Capital to become a more significant player in the future. We look forward to leveraging this ability and to continuing to work with Dreadnought as it grows its portfolio.” 

Duncan Hamilton, Dreadnought Estates, said: “Our aim is to deliver the highest standard of office accommodation in regional cities such as Leeds, working with established partners to ultimately occupy the spaces being created. With the bespoke financing solutions provided by Fortwell Capital, we are able to bid with confidence and complete transactions quickly and efficiently. We look forward to deepening our relationship with Fortwell Capital through the financing of further projects.”