We have acted for Handelsbanken Plc in a significant refinancing deal for Cardiff’s first co-living development.
The Fitz & Knox development is the first of its kind in Cardiff. Located in the city centre, the scheme offers an all-inclusive living model where residents can access a range of premium facilities in addition to their accommodation.
We acted for the bank in providing £24.25 million to Fitz&Knox Limited in a landmark deal which has solidified Handelsbanken’s commitment to supporting innovative development schemes in South Wales.
Partner David Marshall (Real Estate Finance) and Senior Associate David Penwarden (Commercial Property) advised Handelsbanken, with Claudia Le Gros and Charlotte Mcphail of Knights Plc acting for Fitz&Knox Limited.
Speaking on the refinancing, David Marshall said:
“We are delighted to have acted for Handelsbanken Plc on the £24.25 million refinance of the newly completed Fitx&Knox co-living scheme in central Cardiff. This project is Wales’ first co-living development scheme and has been a huge success – it’s not often you see accommodation on this scale fully occupied within 13 weeks of completion.
“It was a pleasure supporting Handelsbanken on such a landmark project and one which illustrates highlights the bank’s appetite to facilitate new development projects in South Wales, as well as its commitment to supporting local developers.”
Chris Price, Branch Manager, Handelsbanken Cardiff, added:
“At Handelsbanken we are committed to helping our customers achieve their ambitions. Our relationship ethos combined with our expertise in the property space, also makes us ideal for innovative and sophisticated developments like this.
“We are very proud to be supporting Fitz & Knox as they deliver a unique proposition for professionals in Cardiff – the first of its kind in Wales. We are also delighted that their sustainable values are closely aligned with our own, and that we can help them continue to achieve this. We thank the team at Hugh James for their excellent support throughout this transaction.”
