One Hyde Park’s Candy Plans $978 Million in Property Loans
Omni Capital, the property-finance company owned by luxury-apartment developer Christian Candy, plans to lend as much as 600 million pounds ($978 million) this year as the U.K. real estate market rebounds.
Omni will advance 100,000 pounds to 100 million pounds for as long as 48 months, according to a statement today. The company has loaned more than 400 million pounds since it was founded in 2010.
“Our clients are high-net worth-individuals, typical clients of a private bank who get looked after well for all of their assets under management,” Chief Executive Officer Colin Sanders said by phone. “But when it comes to borrowing some money, it’s not available.”
London’s luxury homes outperformed other U.K. real estate during the past four years and broker Savills Plc (SVS) said the number of homes sold for more than 5 million pounds increased 24 percent to 500 in 2013. Property developers and investors are borrowing more as price gains spread to the rest of the market, Sanders said.
Omni loaned 127.5 million pounds for the development of 1 Palace Street near Buckingham Palace, the company said on Jan. 16. It advanced a 25 million-pound loan last week for a home in Knightsbridge, according to today’s statement.
Knightsbridge is home to One Hyde Park, the luxury-apartment project developed by Candy’s CPC Group as part of a venture with closely held Waterknights.
Omni typically lends for one to 36 months and will extend that to as much as four years for construction finance, it said.
Candy & Candy Ltd., the interior-design company owned by Christian and his brother Nick, plans to license its brand name for luxury-residential projects and apartments linked to hotels, the company said in a separate statement today. The firm’s in talks with possible partners in New York, San Francisco, Dubai and Shanghai.
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