Open equity investment firm Cogress has sourced £8m in just 22 days after completing a £3.9m investment for a mixed-use development on Finchley Road, north London.
Cogress, which launched in the UK in October 2014, endeavours to make investment more accessible and transparent. To this end, it has established a diverse portfolio of 29 investments in residential properties across Prime Central London and North London. It has also invested in student accommodation in Greenwich and Ealing. Taking into account the Finchley Road project, the firm has now raised a total equity of £82m since launching.
The Finchley Road development will be a 16,536 sq ft residential property with 1,859 sq ft of commercial space. Carried out by property and investment firm Bellis Homes, it will provide luxury living space, underground parking and a gym. It has a targeted exit date of January 2018 and is expected to fetch over £18m when it is sold.
“The tremendous success we have experienced since launching reflects the strong demand from investors for intelligent investment opportunities in such a robust market," Tal Orly, founder and CEO of Cogress UK, commented. "The equity we raised is proof of the confidence our network of investors has in us to match them with the best opportunities.”