Pluto Finance completes acquisition funding for Milton Keynes’ Station House
Pluto Finance has a completed a £9.7m bridge loan for the acquisition of Station House, Milton Keynes, for a proposed residential development.
The 12-month bridge facility will enable the acquisition of the site, comprising a five-storey building, the main station concourse and ticket office of Milton Keynes train station, a ground floor retail parade and four upper storeys of office space.
The property has planning permission to convert the existing office space into 200 residential units, while retaining the ground floor station and retail space.
Justin Faiz, partner at Pluto Finance, said: “We are delighted to have completed the acquisition funding for this proposed development which has so much potential being ideally located.
“This was a complex agreement, including the purchaser’s acquisition of a company and a number of long leases to be considered, however the loan credit was approved and funded within four weeks with the entire team coordinating from home.”