In Feb 2022, PCP provided a GBP 78 million term loan to ASE III (Bristol) Limited, an investment vehicle managed by the United Kingdom-based development group Commercial Estate Group (“CEG”). The six-year asset backed loan will be used to fund the completion of the remaining construction of the EQ building.
The EQ building is a state-of-the-art 7 level office building in the central business district of Bristol, with a 6 minute walk from Bristol Temple Meads Station. The property will have a Net Internal Area of c. 190k sq ft and will be built to the highest ESG standard possible. EQ will also offer the widest range of amenities of any commercial building in Bristol, designed to maximise productivity and wellbeing for those who work here.
PCP appreciates the strong ESG aspect of the building as well as the central location of the building in the growing Bristol market where there is a demonstrated increase of demand for high quality office space. The transaction sees PCP partnering with CEG, a trusted partner with long experience and strong track record from development projects in the UK.