BentallGreenOak has provided a £107m construction loan for the second phase of Lincoln MGT’s Station Hill in Reading.
The finance will support development of a 275,000 sq ft office at One Station Hill, alongside public realm and a link bridge, following on from 600 build-to-rent homes in phase one. Lincoln MGT expects to complete this phase in early 2024.
Last month, the joint venture secured a £138.7m construction loan for the first phase from AIG’s Commercial Real Estate Lending business and Homes England. Construction is now under way, with the first homes due to be ready for occupation from the end of 2022.
Lincoln MGT’s Station Hill will ultimately provide up to 1,350 new homes and office accommodation for around 9,000 workers, plus shops, cafes and restaurants.
Callum Thorneycroft, managing director at MGT Investment Management, said: “Station Hill is one of the largest development projects ever seen in the Thames Valley and will deliver a truly sustainable ecosystem of blended uses that complement one another, setting a new benchmark for regional regeneration.”
Martin Sheridan, principal of UK debt at BentallGreenOak, said: “We continue to expand our geographical investment footprint in the UK and, in addition to Reading, over the past 12 months have financed value-add projects across the asset classes in Birmingham, Brighton, Glasgow, Leeds and Manchester – a trend which we see continuing with our strong pipeline into 2022.”
Knight Frank advised Lincoln MGT.
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