Private equity firm secures £2.5m in funding for 49,000 sq ft Battersea development
Property-focused private equity firm Cogress has secured £2.5m in equity to fund a new mixed-use scheme in Battersea.
The 49,471 sq ft development will deliver 39 residential apartments, three floors of commercial spaces and 16 basement-level car parking spaces at 3 Culvert Road.
The homes will comprise 31 private apartments and eight affordable flats. Each will have its own balcony.
London-based property firm West Eleven is the company behind the project, which has a target gross development value of £42m.
Cogress is expecting the scheme to be highly sought after, given its proximity to Battersea Park and Chelsea.
Tal Orly, the founder and chief exec of Cogress UK, said: “As we move into 2018, investor demand remains high for the best opportunities across London, like this development in Battersea.
“Even as uncertainty continues to affect the wider market, our success in raising equity here speaks to the confidence our investors have in our business model and we’re excited to be working with West Eleven for the first time.”
Cogress’ offering gives a network of 6,000 qualified investors the opportunity to invest in property developments, normally reserved for large investors, with as little as £20k.