Quintain has secured a £188.8m loan from Venn under the Private Rented Sector Guarantee Scheme (PRSGS) to support the stabilisation of two new build-to-rent (BTR) developments in Wembley Park, London.
The loan was funded through a public tap of the scheme’s existing 2030 floating rate bond series, which is guaranteed by the government.
The loan will finance two neighbouring BTR assets, Luna and Solar, which provide 665 homes and form part of Quintain’s 85-acre residential-led mixed-use estate. The assets are operated under the Quintain Living platform.
Vicky To, director at Venn, said: “We are pleased to provide this financing to Quintain under the scheme. Quintain is a leading developer and operator in the UK BTR sector, and this financing, provided ahead of stabilisation, supports the delivery of this latest phase of the Wembley Park masterplan. We were encouraged by the strength of investor demand evident in the public bond tap, with the order book 3.5x covered. The scheme continues to perform well in a volatile market environment, facilitating cost-effective funding and supporting the delivery of much-needed new rental homes across the UK.”
Clare Morgan, executive director, head of corporate finance and treasury at Quintain, added: “We are incredibly proud of this innovative financing structure, which will support us through to the stabilisation of our two newest buildings in Wembley Park. Luna and Solar are state-of-the-art developments, offering residents a wide range of indoor and outdoor communal spaces, health and wellness amenities, and events designed to bring neighbours together.
“Navigating large-scale financings in highly volatile markets is always a challenge and the successful execution of this transaction will ensure that we have sustainable, fit-for-purpose financing in place to support these assets through the coming years. Furthermore, we are delighted to have worked with Venn again to support the Wembley Park development, reflective of a long-standing relationship at the estate.”
