Cogress and Octopus Property to fund £7.45m Norbury development

Octopus Property, a specialist finance provider, has provided a 22-month, £5.26m senior debt facility for the development of 22 one, two and three bedroom apartments and two commercial units in Norbury.

Cogress, private equity firm, has provided an additional £1.9m of equity which brings the total deal size to £7.45m.

Located at 1516 London Road, the 22 apartments are expected to be priced between £272k and £465k in the Zone 3 area of the capital.

Emma Burke, head of development origination at Octopus Property, commented: “Having recently expanded our development finance product range, we continue to identify and support well located residential schemes in London.

“As appetite from borrowers for a combination of debt and equity financing increases, we’re pleased to have identified a trusted partner in Cogress and we look forward to future opportunities to work together.”

The area is a short distance from Norbury Park and Streatham Common; it is also a two-minute walk from Norbury train station and offers quick access to London Bridge.

Tal Orly, CEO and co-founder of Cogress UK, said: “We’re delighted to be working with the ambitious and experienced Octopus Property on the refinancing process to provide financial solutions for this development.”

This scheme represents the second financing arrangement which involves both Cogress and Octopus Property.