Global alternative asset manager Cheyne Capital Management has provided a £187 mln (€220 mln) senior loan to LaSalle Investment Management to finance the acquisition and construction of a Regal London mixed-use development in Wembley, London.
The scheme has been acquired through a structured transaction by LaSalle’s Value-Add Investments business line, with Regal London retained as development manager.
The project will be completed to the highest quality and environmental standards. The site, which was the old Euro Car Parts headquarters will be transformed into 759 new homes, 35% of which will be affordable. The development will also include nearly 40,000 sq ft (3,700 m2) of flexible urban logistics and commercial space and a new publicly accessible green space.
Construction is expected to begin by September 2022 and is due to complete in 2025.
Arron Taggart, head of UK real estate at Cheyne Capital, said ‘As a firm, we believe that projects like this have the potential to make a powerful, positive impact on the communities they serve. Wembley has been undergoing a significant regeneration in recent years and this mixed-use scheme will build on this, providing residents with high quality and affordable homes in a desirable location, while also delivering valuable commercial space and local employment. We are confident that our partnership with LaSalle and Regal London will deliver a best-in-class development.’
Marc Eden, investment director at Regal London, said ‘We have designed a first-class mixed-use development, using significant innovation in our construction methods and upholding our fundamental principles of sustainability. We are delighted that LaSalle has put their trust in our brand and ability to deliver our planning consent and to be working closely with Cheyne Capital once again.’
