LaSalle Investment Management has agreed to provide a £130m fixed-rate green loan facility to Greystar, to finance its deal to buy a 770-bed student housing project in Wembley Park, west London.
The loan was provided through LaSalle Debt Investments. It will partially fund construction for the property, which is scheduled to complete in the summer of 2025.
The development will comprise 20 storeys with 12,000 sq ft of amenities, including a co-working space, external courtyards and gardens, a gym and bike storage. The development is targeting a BREEAM Excellent rating and a two-star Fitwel accreditation.
Ben Mowbray, senior director, investment at Greystar, said: “LaSalle’s green loan facility will help us deliver a substantial, but most importantly sustainable student accommodation asset in Wembley. We are committed to ensuring our assets provide a home away from home for students in a time of unprecedented demand without compromising the environment.”
Robert Fay, director, debt investments at LaSalle, said: “This loan represents LaSalle’s 14th loan facility secured against student accommodation, a sector we have strong conviction in across our wider European business.”
Fiammetta Granchi, vice president, debt investments at LaSalle, said: “This facility with Greystar is fixed-rate and does not require syndication, providing enhanced stability to the borrower.
“The loan was structured as a green loan, compliant with the Loan Market Association’s green loan framework and Green Loan Principles. As the drive towards superior environmental performance accelerates, we are committed to supporting our borrowers to deliver high-quality, sustainable accommodation.”
Savills Capital Advisors advised Greystar on debt matters.
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
