Cogress secures £2.5m for Warwick Square conversion in under four hours
Property investment firm Cogress has said it has closed its quickest raise yet after securing £2.56m for a new redevelopment project in SW1.
The open equity property firm, which opens up investment in property project to its network of over 30,000 individual investors, managed to raise the necessary funding for a conversion scheme in Warwick Square in under four hours.
It means the project is now the fastest fundraise from the equity investment business from which it claims investors can expect returns of 19% to 20% once the project is completed and sold.
Cogress is partnering with developer Asquith Spencer to convert a Grade II listed building, which overlooks the Warwick Square conservation area, from office space into five luxury apartments totalling over 5,600 sq ft.
Tal Orly, Chief Executive Officer at Cogress UK referenced the historic character of the buildings, which were conceived by master builder Thomas Cubitt back in 1828, as a key part of their appeal.
He said: “The impressive rate of take-up here among our investors demonstrates the sustained enthusiasm to invest in strategic developments in the capital, even against wider uncertainty in the market.
“Our community of investors are also acutely aware of the building’s notable heritage and are keen to ensure it retains its distinct and charming characteristics.”