ICG Real Estate Provides £152M Construction Loan to Arada London for 251-Unit Swiss Cottage Development
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 a 251-unit residential project at 100 Avenue Road in Swiss Cottage, north-west London, the firms announced April 28.
The financing marks the third transaction between ICG's Real Estate Credit business and Arada London, which is the UK arm of UAE-based developer Arada. ICG previously provided financing to Regal London — prior to its acquisition by Arada — for two separate London projects.
Project Overview: Retail Units, Affordable Housing, and Private Residences
The development at 100 Avenue Road encompasses two buildings on a 0.93-acre site immediately adjacent to Swiss Cottage Underground Station, the Hampstead Theatre, and the Swiss Cottage Leisure Centre. The scheme carries implemented planning consent.
The taller of the two structures is a 25-storey tower comprising 172 private for-sale residential units. Planned amenities for private residents include a concierge, gym, pool, golf simulator, and co-working space. A separate 5-to-7-storey block will deliver 79 affordable homes — all designated as social rented accommodation — along with three retail units at ground level.
Construction is already underway, with completion expected in autumn 2028.
Financing Details
The £152 million loan from ICG Real Estate covers both the acquisition and development costs of the project. No additional terms — including loan term, interest rate, or loan-to-value ratio — were disclosed by either party.
Jai Patel, Managing Director at ICG Real Estate, cited Arada London's execution track record and the submarket's supply dynamics as key factors in the lender's decision.
"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, highlighted the lender's underwriting approach and shared focus on quality and sustainability.
"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."
Regal London and Arada's UK Operations
The deal reflects the continued development activity of Arada London following its acquisition of Regal London. ICG's prior financing relationships with Regal London provided an established foundation for the repeat lending arrangement. Arada specializes in large-scale, sustainable lifestyle communities.
Project Location
The 100 Avenue Road development is positioned in a newly upgraded public square adjacent to Swiss Cottage Underground Station, providing proximity to Hampstead Heath and Regent's Park. The project's 79 social rented affordable homes represent approximately 31 percent of the total 251 units.