Related Argent and joint venture partner Invesco Real Estate have appointed the main contractor and secured the debt finance for the development of Brent Cross Town’s second Build-to-Rent (BTR) building, enabling construction of 286 new homes.
Galliford Try will deliver the homes and over 1,579 m2 of amenity and retail space, while LaSalle Investment Management will provide a €112 mln green debt facility.
The Brent Cross Town development is committed to reaching net-zero by 2030 and already has six buildings under construction. Over 930 homes, including affordable, market sale, and BTR homes, are on-site along with 662 student rooms in partnership with Fusion Students. Additionally, Sheffield Hallam University will open its first satellite campus outside of Yorkshire, and a joint venture between Audley Group and Senior Living Investment Partners will create a retirement village with around 150 homes.
The development is being delivered in partnership between Related Argent and Barnet Council and will create a total of 6,700 new homes, 278,709 m2 of offices surrounded by 202,343 m2 of parks and playing fields.
UK construction firm Galliford Try is delivering the first BTR building at Brent Cross Town, and has been picked to deliver the second BTR building comprising 286 homes bringing the total number of BTR homes under construction to 535.
Tom Goodall, managing director of Related Argent, said: 'Our joint venture with Invesco Real Estate at Brent Cross Town and the financing from LaSalle Investment Management is helping meet an increasing gap in the market and addressing the city's growing demand for high-quality rental properties in vibrant places.'
John German, managing director, Residential Investments at Invesco Real Estate, said: 'We are delighted that the Project Team achieved this key milestone which now allows the project to move forward into the delivery stage to enable these assets to be delivered into our investor’s existing BTR Portfolio of just under 1,100 units.'
Robert Fay, director, Debt Investments at LaSalle Investment Management added: 'The living sector is one of LaSalle's highest convictions across our European lending and equity strategies. This financing is LaSalle’s 26th development loan made since 2012 and builds on our development lending track record, providing flexible, sustainable loans to high-quality sponsors.'
