MGT Investment Management has secured a £100 mln (€120 mln) debt facility from Deutsche Bank to complete the purchase of its 92 apartments at the landmark Battersea Power Station.
MGT has just completed on the first tranche of apartments, as part of a forward purchase deal it committed to in early 2021 for a total of 92 units. The purchase represents a long-term investment in the Battersea Power Station project, with the apartments to be marketed for rent as part of MGT’s ongoing strategy to invest in high quality residential homes to rent.
Henry Morris, managing director of MGT Investment Management, commented: ‘We are thrilled to have established this new financing relationship with Deutsche Bank, and look forward to working together on this incredibly exciting project. With the Northern Line extension now operational and an ever-increasing number of residents, retail and commercial occupiers arriving at Battersea Power Station, our purchase represents a prudent long term investment in one of the capital’s most exciting transformation projects. There is a real sense of place developing on site which will only continue to grow.’
He added: ‘This is our third significant investment in the UK residential for rent sector, which we believe has strong long term potential, with high levels of demand for well-designed apartments in excellent locations close to all that the capital has to offer. We have plans to aggressively expand the portfolio with further forward funding and forward purchasing of high quality residential assets for rent.’
Eastdil Secured advised MGT on the financing.
