UK: OakNorth Bank has provided Dandi Group, a London-based family office, with a £32.6 million loan facility to develop Dandi Battersea, a new coliving scheme in south London.
Dandi Battersea benefits is within walking distance of Clapham Junction and Wandsworth Town train stations, as well as the local amenities of the surrounding area. The site, which is almost 16,000 square feet, is currently vacant.
Founded in 2005 by Ali Reza Ravanshad, Dandi is focused on creating “small and unique spaces for residents which provides them their own individual space whilst feeling part of a community”. Its portfolio currently consists of 219 units with a further 1,117 in construction. It aims to secure a pipeline of 15,000 units in London over the next five years.
Ravanshad said: “Many young professionals are now working from home for part or all their week, but still want to feel like part of a community and make new connections as they’d do in an office. This is one of the benefits a co-living space such as Dandi Battersea provides. This is the third time we’ve chosen OakNorth Bank as our funding partner and there’s a reason we keep returning to them – the team is collaborative, constructive, and commercial. There’s no broad-brush assumptions or computer-says-no decisions.”
Max Saidman, director of debt finance at OakNorth Bank, added: “Ali and the Dandi team have the track record to successfully deliver a scheme of this scale. Ali has over three decades of real estate experience and has been the driving force behind the success of Dandi and its expansion and pipeline of new developments. We’re delighted to once again be supporting the business – returning customers is a clear indication to us that we’re delivering on our promise to customers and offering a delightful experience.”
