UK investment bank Investec has agreed to provide residential property developer Comer Homes with a £36 mln facility to fund the development of the final phase of a riverside residential scheme in Woolwich, London.
The five-year senior debt facility will enable the completion of Mast Quay, a two-block development featuring 204 apartments for rent.
With the second and final phase due for completion in December 2022, construction is already underway on the scheme which also includes 10,000 ft2 of ground floor commercial space.
Brian Comer, at The Comer Group, said: 'Mast Quay is an important addition to our portfolio and one that will help supply the growing demand for high quality rental properties in London.
'Investec’s ability to understand both our short and long-term requirements gives us stability at a time that is undoubtedly challenging for all, so we’re really pleased to be working with them again to bring this project to life. With Investec’s support, Mast Quay will play a key role in the transformation of Woolwich as a residential location.'
The loan marks Investec’s third deal with Comer Homes, having most recently provided a £45 mln facility to fund the development of Royal Winchester House in Bracknell into 338 units for rent.
Stuart Scott, Investec Structured Property Finance, commented: 'Comer Homes is a longstanding client and we’re delighted to be supporting them in delivering this major residential offering.
'Following our funding of Royal Winchester House in Bracknell, we were extremely impressed with their management of such a large-scale project, which was delivered on time and on budget and are delighted to be working with them again to provide funding certainty in these challenging times.'
