OakNorth Bank completes £21m loan to Tri7 and Alchemy
OakNorth Bank has provided Tri7 and Alchemy with a £21m facility to pursue real estate value-add opportunities that have arisen following the pandemic.
With the capital from OakNorth Bank, the partners have made their first investments, acquiring the c.200,000 sq.ft. “The Core” Shopping Centre in Leeds city centre, and the 40,000 sq.ft. Bingo hall on Lordship Lane in Wood Green, north London. Tri7 is actively looking to acquire further individual shopping centres, retail parks, and office blocks as well as portfolios with a focus on assets in the UK’s leading regional cities and town centres.
Since its inception in 1997, Alchemy has invested over £4B across more than 190 transactions, including with other OakNorth Bank’s borrowers, the Inn Collection Group and Brasserie Bar Co. Meanwhile, Tri7’s founders – Chairman Nigel Henry (Co-founder of Fusion Students) and directors, Samuel Castle and Alex Bowman – came together in 2018 and have since built a sizeable portfolio of retail and office properties on behalf of various funders across the UK.
Commenting on the transaction, Tri7 co-founder and Chairman, Nigel Henry, said: “In times of economic turmoil, new opportunities are created, and we want to maximize on these. We are therefore actively looking to build our portfolio and are grateful to both Alchemy and OakNorth Bank for their support. Both myself and Alchemy have had the pleasure of working with the team at OakNorth Bank before, so knew the experience would live up to its promise of being fast, flexible, transparent, and entrepreneurial. It really is a borrowing experience that’s just better.”
Max Saidman, Associate Director of Debt Finance at OakNorth Bank, continued: “The Tri7 team have proven development and management expertise and take a very creative and hands-on asset management approach. As the economy begins to rebuild post-pandemic, many assets will need investment and a broader range of income generating occupiers to thrive. This is where Tri7, led by Nigel and supported by Alchemy, can add significant value and help prevent high streets from being lined with vacant shops and offices.”