Investec Real Estate has provided a Greystar led joint venture with a £170 mln (€200 mln) loan in conjunction with its partner lender, a global institutional investor.
The investment facility refinances an existing loan and is secured against Sailmakers, the JV’s flagship 327-unit Build-to-Rent (BTR) scheme in Canary Wharf. The transaction represents the second time that Investec has partnered with Greystar, the global leader in rental housing, and is the largest loan it has provided in the rental housing sector to date.
Half of the finance package was arranged with a global institutional investor, with Investec providing £85 mln.
Sailmakers comprises a mix of one, two and three-bedroom spacious and modern apartments. The highly amenitised scheme features a 24 hour concierge, sizeable co-working offering, state-of-the-art gym, private events area and roof terrace with views over the City of London.
Following this latest transaction, Investec has now arranged £595 mln of financing across seven schemes, partnering with a number of blue-chip institutions.
Ed Boughton, Investec Real Estate, commented: ‘The London Build-to-Rent sector is a key area of focus for Investec, providing an attractive investment proposition, with the current supply-demand imbalance of premium, professionalised rental product, along with the city’s sustained position as Europe’s pre-eminent financial and cultural centre, further increasing its appeal.’
He added: ‘Our significant residential and structuring expertise enabled us to see through the near-term pandemic induced headwinds affecting occupancy and sentiment around the location, with the recent strong performance at Sailmakers already part validating our investment. Furthermore, it demonstrates the value in partnering with global-leading operators such as Greystar, with who we seek to further grow the relationship as well as our exposure to this sector.’
