One of London’s most significant redevelopment projects has secured a £365m (€315m) loan from Starwood Capital.
Get Living, the UK build-to-rent operator backed by Delancey Oxford Residential, Dutch pension asset manager APG and Qatari Diar, said it has secured the loan to fund the redevelopment of the former Elephant & Castle Shopping Centre.
The Starwood Capital loan facility, which is being funded by Starwood Property Trust and Starwood European Real Estate Debt Finance I, enables the second phase of the wider transformation of Elephant & Castle town centre, Get Living said.
The former shopping centre site will see 485 homes delivered to rent alongside 135,000sqft of shops, restaurants and leisure space, 55,000sqft of workspace, a new university campus for London College of Communication.
The first phase, Elephant Central on Elephant Road, was completed in 2017 and is owned and managed by Get Living. The third and final phase will commence following the London College of Communication’s move into their new campus. This phase will provide a further 498 new homes as well as a 500-person capacity cultural venue.
Rick de Blaby, CEO of Get Living, said: “To secure this deal with a top tier lender like Starwood Capital is a fantastic endorsement for both Get Living and the transformation of Elephant & Castle.
“We look forward to building our relationship with Starwood Capital over the coming years as we deliver one of London’s most significant redevelopment projects.”
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