Investec funds Edmond de Rothschild Rugby BTR scheme

Investec Real Estate has provided a £19.3m, 39-month development loan to Edmond de Rothschild Real Estate Investment Management for its 357-home build-to-rent scheme in Rugby, Warwickshire. The development, known as Charolais Gardens, will provide a mix of one- and two-bedroom apartments, along with concierge, gym, residents’ lounge and wellness garden, and is due to complete in January 2023, with a first phase being handed over for occupation this month. Charolais Gardens is located in the town centre, near to Rugby railway station. The loan is Investec’s first with Edmond de Rothschild, which is developing the scheme through its Residential Investment Fund UK. Jonathan Long, head of corporate real estate at 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, the impact of the Covid-19 pandemic and the sector’s defensive characteristics have seen accelerated investment in, and demand for, rental homes outside London. “Establishing new relationships with high-quality counterparties such as Edmond de Rothschild is a key part of our growth strategy, and we look forward to 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.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Discover which agents have been most active in Warwickshire so far this year >> Photo © Oliver Dixon/Shutterstock