Realstar and QuadReal Property have secured a £61.6m (€73.4m) green loan from the UK arm of ING Real Estate for their UNCLE Wembley Gardens residential asset in London.
ING UK Real Estate has provided the senior investment loan to refinance the 256-apartment build-to-rent property.
Sophie McGovern, ING Real Estate, said: “We are very pleased to have successfully closed this sustainable term loan for UNCLE Wembley Gardens, and look forward to continuing to work with Realstar and QuadReal, providing tailored financial solutions that drive sustainable growth and excellence in the living sector.”
Jay Kwan, managing director, Europe, QuadReal said: “Residential is core to our high conviction investment strategy and we believe in driving more sustainable real estate by collaborating with partners that share QuadReal’s commitment to environmental responsibility.”
Ryan Prince, vice chairman of Realstar, said: “Cities are the heart and soul of our world and that is why Realstar continues to invest in high-quality city living. We believe that long-term, professional ownership within the residential sector is a key element for increasing housing supply in the areas that need it most.
“We are really pleased to have had the opportunity to work with the excellent ING team and to have completed our first financing with them, we hope that this will lead to many more opportunities to work together.”
Realstar and QuadReal’s investment partnership now comprises more than 5,600 apartments across 22 properties in the UK and Ireland.
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