The Ruby

Silbury Finance, the Oaktree Capital Management-backed development lender, has provided Avanton with a £68 million stretch facility for the redevelopment of the former Carpetright warehouse into 262 mixed-use flats.

The construction of the scheme will start in September 2022, with the first homes ready for residents in H2 2024 and the remainder in the early part of 2025. Alongside 23,142 sq ft of commercial space, residents will benefit from two adjoining squares and a community park as well as the areas excellent public transport connectivity, with both Bank and Oxford Circus tube stations less than 30 minutes away.

Gavin Eustace, Founding Partner at Silbury Finance commented: “Against a backdrop of high inflation and rising interest rates, the UK urban residential sector continues to demonstrate its defensive characteristics and remains one of our conviction calls. As we remain on target to reach half a billion pounds of lending by the end of 2022, we will remain highly disciplined, targeting structurally undersupplied sectors and partnering with experienced developers with a track record of delivering successful projects.”

Omer Weinberger, Chief Executive Officer at Avanton, commented: “Securing this finance package is a major milestone for our Old Kent Road ambitions, where we are delivering a range of housing types to meet the urgent need of Londoners. The Silbury team have deep experience in this part of the market, which now more than ever is critical, and we look forward to growing the relationship.”