Venn Partners has raised £39.4m to finance PRS assets in Quintain’s Wembley Park development as part of its £265m government-backed bond.
The loan will be used to refinance the two buildings in Quintain’s 141-unit Emerald Gardens scheme at Wembley Park.
Venn Partners raised £265m as part of a £3.5bn PRS housing guarantee scheme that it manages for the government. It initially sold £175m to eligible schemes, leaving £90m open to applications.
Quintain’s refinance was part of that £90m.
Angus Dodd, chief executive of Quintain, said: “It is fantastic to be part of this government programme to support PRS. We are delighted to have been awarded a share of this oversubscribed bond.
“The refinancing will enable us to recycle capital to continue the development of Wembley Park and look ahead to the completion of our next PRS buildings in 2017 and beyond.”
Quintain said it expects 415 flats to be launched to the market under its Tipi brand over the next two years, all at Wembley Park.
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