The funding was arranged by BBS Capital on behalf of the unnamed buyer and completed in just 10 days. 

The client has used the funding to purchase the 170,320 sq ft office portfolio from Columbia Threadneedle Investments for £48.15m.

Reditum Capital also provided a £20.6m mezzanine finance facility to allow the client to proceed with the acquisition quickly. 

The portfolio (pictured above) includes New Horizons Court, a 140,248 sq ft office space spread across four buildings, including Sky’s former offices, as well as three additional office buildings known as the Courtyard Buildings, which provide a further 30,072 sq ft of space.

Over 140,000 sq ft of the portfolio has consent, under permitted development, for change of use into 260 studios and one- and two-bed residential apartments. 

The conversion of the properties is expected to commence immediately.

Westley Richards of BBS Capital said: “We had only two weeks to arrange this facility, and are delighted to have successfully enabled our client to secure this exciting opportunity.

“Our extensive experience in property finance and long-term relationship with Octopus ensured our client was in a position to close the transaction only a fortnight after our first approach to the lender.

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“This deal takes our total loans financed with Octopus to over £100m in 2017 alone.”

Mario Berti, CEO of Octopus Property, added: “This facility represents the largest of its kind we have done this year, reflecting both the robustness of the market and our position as the first-choice lender for real estate professionals seeking fast and flexible financing for a diverse range of residential and commercial projects.

“We have enjoyed a record year in 2017, with average transaction volumes up over 10% on last year.

“It is through deep and longstanding relationships with established firms such as BBS Capital that we have been able to achieve this.

“These types of deals can often seem complex, but having assembled a talented team and with access to a broad range of non-bank discretionary capital, we are able to deliver time and time again.”

Mark Stephen, director and founder of Reditum Capital, added: “We had to move very quickly to provide the £20.6m facility needed for this development, which we’re used to – it’s how we work. 

"Having successfully operated with the developer as a JV partner previously, we’re delighted to have helped secure this project for them, and to be sharing in the ultimate rewards.”

BBS Capital arranged the acquisition facility with Octopus Property at 65% LTV.

Savills acted for Columbia Threadneedle Investments, while Finn & Co advised the buyer.

Steve Clinning and Laura Brown of Howard Kennedy LLP acted on behalf of Octopus Property.