£3.5M INJECTION FOR CAMBRIDGE SCHEMES
Property consultancy AZ Real Estate has secured more than £3.5m for a number of residential and commercial property developments in Cambridge.
The biggest deal is a £1.5m equity injection for a serviced apartment scheme 400 metres from the Cambridge Biomedical Campus. The project, led by GCR Camprop, will provide 57 apartments over three buildings.
Funds have also been raised for GCR Camprop’s research and development office project on Cambridge Science Park.
Capital for the schemes has been sources from a pool of overseas investors from the likes of Russia, Dubai, Japan and Hong Kong.
Alisa Zotimova, chief executive and founder of AZ Real Estate, said: “Cambridge has been one of the UK’s most sought after cities outside of the capital for some time now. The adoption of the new local plan and investment that will come alongside that is set to take it to another level.
“Overseas investors are increasingly becoming more aware of the growth opportunities presented outside of London, and their cash injections will play an important part in the development of them.”
Kash Lais, managing director of GCR Camprop, added: “Its historic foundation as a globally recognised hub of academia and culture makes Cambridge one of the most dynamic cities in the UK.
“Cambridge has now added a global leadership position in research and development. The sharp spike in business investment has been complemented by additional transport, commercial and residential offerings.”