Investec Structured Property Finance is providing a £45m (€52m) loan to a UK property developer for a private rented sector development.

Investec Structured Property Finance said it is backing Comer Homes, with the loan, to develop the landmark Royal Winchester House, in the Berkshire town of Bracknell.

The project is expected to be completed in 2020.

The former site of the 3M headquarters will be developed into 311 studio, one, two and three bedroom flats for rent, with retail outlets and resident car parking, adjacent to the new public realm market square.

The five-year loan is the second facility to Comer Homes provided by Investec, following on from a facility for 168 apartments in Harrow sold to a PRS operator in 2015.

Robert Sheppard, the head of Comer Group’s UK portfolio, said: The ability of our finance partners to allow us to innovate and to understand our objectives, whilst still adhering to their own remit, has greatly assisted in keeping our construction model lean and focused.”

Steve Cook, at Investec Structured Property Finance, said: ”The Bracknell regeneration project is one of the largest schemes of its kind currently being undertaken in the UK, and the Comer Homes development is a key part of the final product.

“As the UK Private Rented Sector goes from strength to strength, we are increasingly seeing investors identify opportunities outside of London offering favourable returns.”

Investec Structured Property Finance provides bespoke development and investment funding expertise for property professionals.

During 2017 Investec lent in excess of £650m.