Toscafund Asset Management opens first regional office
Toscafund Asset Management’s (Toscafund) recently-launched Tosca Debt Capital (the “Fund”) has moved into its Manchester headquarters having secured a 2,830 sq ft office in the city centre.
Tosca Debt Capital is the first tenant to occupy 26 Cross Street and has taken the 6th floor of the eight-storey, 21,500 sq ft premises on a five-year lease.
Owned by landlord Catalyst Capital, the Grade A office block, situated at the heart of the city’s commercial quarter, underwent a £3m state-of-the-art refurbishment earlier this year.
Tosca Debt Capital supports businesses across the north of England and beyond by providing flexible investments of between £5m and £15m to support their ambitious growth strategies.
The new office will provide the team, headed by Gary Davison and Richard Williams, with ample space to expand and continue with its recruitment plans. Toscafund made a significant appointment to the Debt Capital team earlier this month with Mark Metcalf joining as head of credit from Wells Fargo Capital Finance.
The Fund aims to raise £110m in debt capital by early 2016 and establish itself as the lender of choice for regional SMEs.
Gary Davison, a partner at Toscafund, said: “There is a real opportunity for us in Manchester with the number of thriving business hubs springing up across the city, as well as its fantastic commuter links to the wider region.
“Most of our competitors are based in London and our Manchester office gives regional SMEs with an appetite for growth and expansion better access to debt capital – something which is currently missing.
“We’re building a first-class team with superb credentials and have a strong pipeline of opportunities, with our first deal that is to be announced later this month. We have been extremely well-received by regional businesses to date and are looking forward to committing significant further investment in the coming weeks and months.”
Sarah Cooper, portfolio manager at Catalyst Capital, added: “We are really pleased to have secured the first occupier in 26 Cross Street following the major investment we have made at the building.
“Toscafund is a very high-calibre tenant and, having undertaken a comprehensive search of the market, its decision to move to 26 Cross Street is testament to the quality of offices that we have created.”
Richard Lace, transactions & asset management team at OBI Property, concluded: “The building has received significant interest since being launched in April. With another deal in solicitors’ hands and some serious interest in the other floors, we expect to be announcing the arrival of more tenants in the near future.”
The deal was secured by Manchester agent, OBI Property. GVA are joint leasing agent.