£45m loan for prime central London office redevelopment

Overview

A £45 million loan to Victory Group (“Victory”) to fund the redevelopment of a 22,000 sq. ft. highly sustainable office building on Jermyn Street in St James’s, London.

Set over eight floors, the building has dedicated retail space on the ground floor and office space above and is in the heart of St James’s, considered a prime location for this type of scheme in London. 

A deep retrofit of the building will include a new front façade to bring it more in line with its neighbours, extensive upgrades to the interior, the creation of an additional office floor a large communal roof terrace and ‘end-of-trip’ facilities including showers and bike storage. The redevelopment will improve the long-term environmental impact of the building and is targeting EPC “A” rating and BREEAM “excellent”.

Victory is a London-based investment and advisory firm managing circa €5 billion in assets across Western Europe, including a major hotel redevelopment in Geneva and a mixed-use masterplan in Amsterdam. This is Puma’s first partnership with Victory, and the Jermyn Street scheme will be Victory’s first UK redevelopment.

The scheme is targeting completion in Autumn 2026.