Co-living operator and developer The Collective has completed the acquisition of a site in London’s Westbourne Park, having secured £28.5 mln (€33 mln) of capital from Cheyne Capital.
The Collective agreed to acquire the canal-side site in July 2019, subject to planning consent, which was granted by Westminster City Council in April 2020.
This is the third investment Cheyne has made into The Collective, having previously supported projects in Canary Wharf and Earlsfield.
Designed by RIBA Stirling Prize-winning architects Allford Hall Monaghan Morris (AHMM), The Collective Westbourne Park includes 286 rooms and the development is set to be completed in 2023. The Collective and Cheyne Capital will shortly commence reviewing options for development finance to fund the construction stage of the project.
Reza Merchant, founder and CEO of The Collective, said: ‘In addition to allowing us to complete the acquisition of this incredible site, Cheyne Capital’s investment into The Collective Westbourne Park is a further endorsement of the institutional quality of the assets The Collective delivers and continued recognition of our model amongst investors.’
He added: ‘Our current operating portfolio has proven to be highly resilient throughout the pandemic, with demand underpinned by structural trends that have been accelerated by the pandemic including working from home and a rise in loneliness, giving us the confidence to bring forward game-changing developments like this one from our global pipeline.’
