City & Docklands and Housing Growth Partnership (HGP) have secured a £41.365m loan from Investec Bank to refinance a build-to-rent (BTR) asset in Old Oak Common.
Investec structured a tailored refinancing solution around the evolving business plan for the North Kensington Gate BTR asset.
Ian Burdett, from Investec Real Estate, said: “City & Docklands and Housing Growth Partnership required a financing solution that reflected their strategy for the asset. Investec was able to provide a tailored refinance that supports the long-term hold of North Kensington Gate as a build-to-rent scheme, while also backing a client relationship that has been built over many years. 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.”
Gary Sacks, CEO of City & Docklands, added: North Kensington Gate is an important scheme for City & Docklands 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. Investec’s support and long-standing partnership gave us the confidence and flexibility to move forward with the right structure for the next phase of the scheme.”
Tasos Ikonomou, investment director of London and South East at HGP, said: “HGP is pleased to continue supporting the next phase of North Kensington Gate, a scheme that plays a meaningful role in expanding the high quality rental housing offering in West London. With major transport and regeneration investment underway at Old Oak Common, this project is well‑placed to deliver lasting benefits for local residents and the wider community.”
TRST, Howard Kennedy, Addleshaw Goddard and Chatham advised the borrowers. Shepherd and Wedderburn advised Investec.
