Octopus Real Estate, part of Octopus Group and a major UK specialist real estate lender and investor, has completed a £64 mln (€76 mln) loan secured on a 216-acre site with planning consent for the development of 1,550 new homes in Swindon, Wiltshire, UK.
The site is the cornerstone of Swindon’s New Eastern Villages (NEV) town extension, and the loan will enable Capital Land Property Group to prepare the scheme for onward development and delivery.
In addition to providing affordable and open market housing stock, the development will include two new schools, a large sports park, a community centre, and employment, retail, and leisure spaces. A new cycle network will run through the site, and a park and ride facility will connect it to Swindon town centre.
The NEV Masterplan covers 1,800-acres to the east of Swindon and is the largest approved urban extension in the UK.
Dominic Gibson, investment director, Octopus Real Estate, commented: ‘We’re extremely pleased to have worked with Capital Land to fund this key regional development site. Octopus has always had a strong appetite for sites with planning consents that meet local demand, and this is a prime example. The loan demonstrates our appetite and ability to provide large facilities, and underlines our ongoing support for the UK and Ireland’s regional markets.’
