Miflats secures €27m loan from Gatehouse for PRS scheme

London-based Gatehouse Bank has completed a £20 mln (€26.5 mln) senior financing package for UK private rental landlord Miflats.

Miflats secured the funding against its recently refurbished PRS scheme in Bracknell, Berkshire.

Trevor Homes, head of real estate finance at Gatehouse, said: ‘This helps to further show that our Shariah compliant finance solutions are attractive to the mainstream UK commercial property community as well as our more traditional Gulf-based investor base.’

Miflats was launched in September 2014 by Asif Aziz’s Criterion Capital with the aim of becoming a major player in the UK’s PRS sector. It currently owns and manages three fully-lete schemes providing 255 apartments in commuter London, with a further 1,379 units under construction and 1,145 units at planning stage.

Graham Wood, CFO of Criterion, said: ‘We are pleased to have completed this financing with Gatehouse, which reinforces Miflats’ commitment to the PRS sector. We found Gatehouse to be competitive, commercial and responsive.’