Mera Investment Management supports Reading’s first co-living project

18 February 2025

Mera Investment Management has provided a £3m bridging loan to bring forward the development, proposals for which have received vocal support from NHS Trusts
for key worker housing

Real estate lender Mera Investment Management is proud to announce the completion of an acquisition facility to enable the purchase of Greyfriars House, an 8-storey vacant office building located a short walk from Reading train station.

The loan was completed in four weeks and is another example of how Mera Investment Management—which recently announced its new institutional funding lines—is supporting SME developers and investors across London and key regional towns and cities such as Reading.

The borrower, Elder, a property developer that specialises in unlocking the potential in disused commercial buildings for the living sector, has submitted plans to transform the property into 266 co-living units—the first of its kind for the area.

Mera Investment Management worked closely with James Gray of ARE Capital Advisors, acting on behalf of Elder, to ensure a smooth completion process and that the tight deadlines were met.

Interest in the purpose built co-living project has been strong from both the private and public sector, with both the Royal Berkshire NHS Foundation Trust and Berkshire Healthcare NHS Foundation Trust notable supporters of the proposals and hoping to use the affordable housing for their key workers.

Elder has been in close consultation with Reading Borough Council and other stakeholders to advance plans for the town’s first co-living scheme. They are proposing 266 rooms, with flexible lease options, and shared amenity spaces including a rooftop garden and terrace.

Edward Matthews, CEO of Mera Investment Management, comments:

“We are pleased to have played a role in supporting Elder’s exciting plans for Reading town centre.

“The redevelopment of Greyfriars House seeks to provide a new category of affordable accommodation to the area, a move which is welcomed by many, and we are proud to be involved in a scheme which could become high quality new homes for young professionals and key workers.’’

Ed Marsh, Director of Elder, commented:

"Following a constructive pre-application process with the council and positive engagement with the community and key stakeholders, it is clear that there is strong potential to introduce a new, flexible housing model in the heart of Reading.

“With rising affordability challenges for young professionals and key workers, delivering high-quality, well-located housing solutions is more important than ever.

“Mera Investment Management was the ideal lender partner for us. Traditional high street funding options aren’t available for vacant offices anymore; the Mera team got behind this project and provided a high level of service to us and our legal team, which ensured our acquisition completed on time.”

James Gray, CEO of ARE Capital Advisors, comments:

"ARE Capital Advisors are delighted to have supported Elder in securing this crucial financing for the first stage of the transformation of Greyfriars House.

“This project exemplifies the innovative and strategic approach needed to unlock the potential of underutilised commercial buildings, particularly in high demand areas such as Reading.

“Mera's ability to swiftly provide a tailored funding solution was instrumental in ensuring the acquisition was completed on schedule. We look forward to seeing this development come to life and contribute to much needed housing in the region."

Mera Investment Management specialises in the financing of prime real estate assets—commercial, residential, and alternative—in London and the Home Counties, as well as core regional cities and growth areas across England and Wales.

After growing the team and building the company last year, Mera Investment Management is well placed to scale up in 2025 and has strong growth ambitions for this year. The financial firepower from a range of institutional and international private investors, alongside its family office backer, places the lender in good stead to meet those targets.