Investec Real Estate has provided Edmond de Rothschild Real Estate Investment Management with a 39-month, £19.3m development loan, to support the construction of a 357-unit BTR scheme in Rugby, Warwickshire.
Charolais Gardens, which will offer a mix of one- and two-bedroom apartments, in addition to a concierge, gym, resident’s lounge and wellness garden, is due to complete in January 2023, with a first phase handed over for occupation in October 2022.
The loan is Investec’s first with Edmond de Rothschild, which has made the investment through its Residential Investment Fund UK.
Jonathan Long, head of corporate real estate, Investec, said: “This transaction demonstrates our conviction in high quality, affordably priced BTR schemes that benefit from excellent transport connectivity. The government’s Levelling Up agenda, impact of the Covid-19 pandemic and the sector’s defensive characteristics have seen accelerated investment in, and demand for, rental homes outside of London. Establishing new relationships with high quality counter-parties such as Edmond de Rothschild is a key part of our growth strategy and we look forward building a long-term partnership.”
James Whidborne, head of fund management residential UK at Edmond de Rothschild, added: “This transaction is further evidence of the appetite for regional build to rent from a variety of both equity and debt providers. As a house, affordable UK residential is one of our strongest convictions. We hope this is the start of a strong relationship with Investec as we continue to grow our platform and create and launch a series of products investing in this space.”
