MERA Investment Management has created an equity joint venture with Nicholas King Homes to support the delivery of 110 new family homes in Cranleigh, Surrey.
The scheme has a GDV of £55m, and under the joint venture, MERA will provide preferred equity alongside Nicholas King Homes, with senior debt from Paragon Development Finance. The deal is the first joint venture agreed by Nicholas King Homes.
Edward Matthews, CEO of MERA Investment Management, said: “Working with a trusted, experienced partner like Nicholas King Homes – with a strong track record in the South East – allows us to invest with confidence in high-quality schemes that meet real local demand.”
Nicholas King, founder and chairman of Nicholas King Homes, added: “Partnering with MERA enables us to unlock the capital needed to accelerate delivery of this scheme. Their experience in flexible financing, combined with our expertise in the local housing market, allows us to move at pace and deliver high quality homes that meet real community need.”
