ICG Real Estate Provides £152M Construction Loan for 251-Unit Residential Development in Swiss Cottage, London
ICG, the real estate division of global alternative asset manager ICG, has provided Regal London with a £152 million loan to fund the acquisition and development of two residential buildings at 100 Avenue Road in Swiss Cottage, north-west London, the firm announced April 28.
The transaction marks the third deal between ICG's Real Estate Credit business and Arada London. ICG had previously provided financing to Regal for two London projects prior to Arada's acquisition of Regal.
Project Details
The £152 million loan covers both acquisition and construction costs for the 0.93-acre site, which carries implemented planning consent for two distinct buildings. Construction is already underway, with completion targeted for autumn 2028.
The primary structure is a 25-storey tower comprising 172 private for-sale residential units. Amenities within the tower include a concierge, gym, pool, golf simulator, and co-working space. A separate 5-to-7-storey block will provide 79 affordable homes — all designated as social rented accommodation — along with three retail units at ground level. In total, the scheme delivers 251 residential units across both buildings.
The development is situated in a newly upgraded public square immediately adjacent to Swiss Cottage Underground Station, the Hampstead Theatre, and the Swiss Cottage Leisure Centre.
Executive Commentary
Jai Patel, Managing Director at ICG Real Estate, commented on the transaction:
"Arada London has an impressive track record of delivering large-scale, landmark developments across the city of London and we are delighted to be collaborating with them on our third transaction together. The development is strategically located in Swiss Cottage, which has a global reputation for being a highly desirable residential area with excellent transport links and easy access to Hampstead Heath, Regent's Park and several of London's top schools. This scheme will deliver an attractive turnkey product into a highly supply-constrained submarket, alongside a significant affordable housing provision that will serve both domestic and international residents."
Marc Eden, Investment Director at Arada London, commented:
"ICG Real Estate combines disciplined underwriting with a strong understanding of how residential projects are delivered in practice, from start to finish. At 100 Avenue Road, the ICG team proved that they share Arada London's clear focus on quality, sustainability and long-term value, alongside the delivery of critical affordable housing. We are pleased to be working together again to bring forward a high-quality scheme in a well-connected part of London."
About the Parties
Arada London, part of the Arada since 2025, describes itself as one of London's leading mixed-use developers, with a pipeline of more than 15,000 homes spanning residential, student accommodation, workspace, and complex regeneration projects. The company operates across the full lifecycle of its assets, from development and construction through to customer care and asset management. It also runs on-site construction academies aimed at workforce development. The broader Arada Group, founded in 2017 and headquartered in the UAE, also has operations in Australia.
ICG (LSE: ICG) is a global alternative asset manager with $127 billion in assets under management as of December 31, 2025, operating from more than 20 locations globally. The firm invests across structured capital, private equity secondaries, private debt, credit, and real assets.
No loan-to-value ratio, interest rate, or loan term was disclosed in connection with the transaction.