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The CEG Group completes refinancing of eight major office-led sites following £64.5m loan from OakNorth.
Founded by Gerard Versteegh in 1989, CEG is a privately owned real estate investor, asset manager and developer;
Specialising in the residential, office, industrial and strategic land sectors, the group’s portfolio covers six million sq. ft of land at a valuation of c.£800m;
The £64.5m loan from OakNorth will be used to refinance eight major office-led sites located in the Midlands, North West, and Scotland;
Demand for high quality office space in the UK often outstripped supply in 2023, with occupiers seeking the best quality, most sustainable, and best located buildings.
OakNorth, the digital bank for entrepreneurs, by entrepreneurs, has provided a £64.5m loan to privately owned real estate investor, asset manager and developer, CEG.
Founded by Gerard Versteegh in 1989 and with offices in London, Leeds, Birmingham and Cornwall, CEG specialises in the residential, office, industrial and strategic land sectors. Having won a host of awards, including the national BCO Commercial Workplace Award, the group’s portfolio now covers six million sq. ft of land, at a valuation of c.£800m. Sustainability is a core principle embedded across CEG’s products, processes and partnerships, with its own sustainability commitments having been recently created in line with the United Nations’ Sustainable Development Goals – a holistic and transparent framework for sustainability strategy.
The £64.5m loan from OakNorth will be used to refinance eight major office-led sites, located in Nottingham, Birmingham, Manchester, Crewe, Warrington, Glasgow and two in Edinburgh. Offering a total of 119 units, several of the sites include a ground floor café, gym facilities, breakout spaces, as well as cycle racks and designated car parking spaces. Spread across c.700,000 sq. ft of land, the Nottingham, Birmingham, Crewe, and Glasgow sites are all within one mile of city centres.
Gerard Versteegh, Founder & Chairman of CEG, commented: “Since our launch, CEG has been committed to providing workspaces that ensure colleagues are happy and productive, enabling customers to attract and retain the very best talent. Not only do we understand how people want to work and live their lives, but our experience also allows us to take a long-term view that enables us to make decisions that benefit both investors and customers. Working closely with Damien and the OakNorth team on this transaction was extremely positive. Their transparency and responsiveness throughout the entire process was extremely helpful and it was clear from our first meeting that they had a strong knowledge of the UK’s commercial real estate market across all seven of the site locations.”
Call Trinity Specialist Finance to secure a commercial mortgage on 020 7016 6151 or book a consultation
The information contained within was correct at the time of publication but is subject to change.
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