Delancey has stepped into a south London development site called Oakmayne Plaza by acquiring the debt on the site from Royal Bank of Scotland. The bank originally lent the money to Oakmayne Properties five years ago.
Delancey will work with Oakmayne on the one-acre plot adjacent to Elephant and Castle, which has consent for 390,000 sq ft of residential, leisure and commercial space, including student housing.
Delancey last transacted with RBS in December when, after a year of talks, it completed its purchase from Propinvest of Project Blade, a portfolio backed by a £900m RBS loan. Blade is largely secondary retail that will be asset managed rather than put on the market.