Silbury has provided Kings Oak Capital with a £28.5 million acquisition and development loan. The 24-month facility, at 69% LTGDV, will support the borrower’s conversion of an office block, formerly the UK headquarters of Three, into 110 flats, with the construction phase expected to complete in H2 2023.

The 2.6-acre site occupies a prime central Reading location, benefitting from its proximity to Reading Station, where Crossrail services are set to commence later this year, as well as views of the River Thames.