MERA Investment Management, the specialist real estate lender and investor, is expanding and has launched a new dedicated Joint Ventures department, backed by a multi-billion-dollar US credit fund. The lender plans to deploy the £100 million into real estate development and investment equity opportunities in the UK, helping unlock projects that may otherwise stall due to a lack of equity capital.
The new lending stream reflects a growing wave of interest from US institutional capital seeking greater exposure to UK real estate, as investors look beyond domestic markets and take advantage of repriced property assets. The initiative comes amid growing transatlantic investment flows in the UK property market. Data from CoStar shows that North American investors represented 42% of all overseas investment in UK commercial real estate in the first half of 2025, deploying £8 billion. In 2024, American investors deployed £13.6 billion in UK commercial property – the highest figure on record and double the previous year’s investment total.
The new department will target commercial and residential developments, providing a bespoke solution to UK developers who are finding it increasingly difficult to ringfence enough capital to reinvest into pipeline development, due to the rising price of land and the increasingly costly planning process. The department will also selectively pursue opportunities which include the repositioning or repurposing of existing assets, including office conversions and within income generating alternative sectors.
MERA will partner with experienced developers and firms to provide equity investments of £5 million to £15 million per project, generally targeting projects with a 2-3 year time horizon and a spread of liquidity and exit strategies. MERA has already successfully financed two joint venture projects, recently signing its largest deal to date by partnering with Winslade Park to support the development of the £100 million (GDV) mixed-use scheme in Exeter. (Full details listed below).
The offering is being led by Antony Iannaccone, MERA’s Chief Investment Officer, who joined the business in 2025 from Topland Group where he led the firm’s joint venture strategy. Over the course of his career, Iannaccone has overseen more than £700 million in Gross Development Value through joint venture investments across the UK real estate market.
Antony Iannaccone comments: “Deal flow across the market is strong but many operators are struggling to find the preferred equity required to bring projects forward. At the same time, we are seeing growing appetite from US investors looking to increase their exposure to UK real estate. With its stable legal and regulatory framework and depth of liquidity, the UK remains one of the most attractive destinations for global property capital, particularly at a time when pricing adjustments have created compelling entry points.”
“For MERA, this is a landmark step in the growth of the company. It allows us to support our clients with a broader and more flexible range of capital solutions.”
MERA, which has deployed £125 million into secured loans, already has a further pipeline of potential joint venture deals. The lender will take a sector-agnostic approach, prioritising well-located projects with clear value creation strategies and defined exit routes.
Winslade Park, Exeter – Joint Venture Equity Investment
MERA’s most recent joint venture deal with Winslade Park in Exeter, will support the growth of the well-being led mixed-use development, and specifically the final phase of the green office space, and multiple health and leisure facilities. The project has a gross development value of £100 million and is set to be the UK’s first large-scale office development outside of London with 100% onsite renewable energy via a seven-acre solar array.
The project is being delivered in partnership with the onsite management team at Winslade Park, working collaboratively to deliver the scheme and unlock additional value-add opportunities across the 50-acre site.
