Toscafund Asset Management targets expansion in the North

Tosca Debt Capital, a recently launched arm of London-based Toscafund Asset Management, is moving into a new Manchester HQ.

The firm secured 2,830 sq ft on a five-year lease in 26 Cross Street, an eight-storey city centre building.

Now, Toscafund hopes the new northern base, headed by Gary Davison and Richard Williams, will help drive its growth plans.

Gary Davison, a partner at the firm, said: “There is a real opportunity for us in Manchester with the number of thriving business hubs springing up across the city, as well as its fantastic commuter links to the wider region.

“Most of our competitors are based in London and our Manchester office gives regional SMEs with an appetite for growth and expansion better access to debt capital – something which is currently missing.”

He continued: “We’re building a first-class team with superb credentials and have a strong pipeline of opportunities, with our first deal that is to be announced later this month.

“We have been extremely well-received by regional businesses to date and are looking forward to committing significant further investment in the coming weeks and months.”

Owned by landlord Catalyst Capital, 26 Cross Street offers Grade A office space and underwent a £3m revamp earlier this year.

Sarah Cooper, a portfolio manager with Catalyst Capital, commented: “We are really pleased to have secured the first occupier in 26 Cross Street following the major investment we have made at the building.

“Toscafund is a very high-calibre tenant and, having undertaken a comprehensive search of the market, its decision to move to 26 Cross Street is testament to the quality of offices that we have created.”

Tosca Debt Capital supports business in the North by offering investments of between £5m and £15m, with the aim to raise £110m in debt capital by early 2016.

OBI Property, the manchester-based agent, secured the deal. GVA is the site’s joint leasing agent.

Richard Lace, a member of the transactions and asset management team at OBI Property, said: “The building has received significant interest since being launched in April.

“With another deal in solicitors’ hands and some serious interest in the other floors, we expect to be announcing the arrival of more tenants in the near future.”

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