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Investec Bank has provided City & Docklands and Housing Growth Partnership with a £41M investment loan to refinance North Kensington Gate, a completed build-to-rent asset in the Old Oak Common regeneration area.
The facility builds on Investec’s longstanding relationship with City & Docklands, plus its previous work with Housing Growth Partnership, the Lloyds Banking Group- and Homes England-backed investor, the company said in a statement confirming the deal.
Investec structured a tailored refinancing for the scheme.
Old Oak Common Station is set to be a hub connecting railway service HS2, the Elizabeth line, GWR and the Heathrow Express.
“This transaction demonstrates Investec’s ability to structure flexible capital around our client’s business plans and to support experienced sponsors as they position assets for long-term growth in locations with strong underlying fundamentals,” Investec Real Estate’s Ian Burdett said in a statement.
City & Docklands CEO Gary Sacks added that North Kensington Gate was an important scheme for the developer, which specialises in growth areas of London where it has a strong residential presence, and for the wider Old Oak Common area.
“As our strategy evolved around an area undergoing substantial regeneration, it was important to work with a funding partner that understood both the asset and our wider vision,” he said.
The deal adds to Investec Real Estate’s recent involvement in the living sector, including an £85M senior development loan, alongside Bank of Ireland, to a joint venture between JRL Group and HGP to fund a 414-home build-to-rent scheme in Luton.
TRST, Howard Kennedy, Addleshaw Goddard and Chatham advised the borrowers. Shepherd and Wedderburn advised Investec.
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