FINANCE: Essential Living has agreed a £20m debt facility with Venn Partners to fund a PRS development in Acton, west London.
Venn will provide a three-year senior loan with the possibility to extend for a year.
Developer and operator Essential Living plans to design, manage and build homes at the 2.8-acre Perfume Factory site, which it acquired in July. The site will include up to 550 rental homes and 65,000-75,000 sq ft of commercial space.
The announcement comes two weeks after Essential Living agreed a £52m facility with the Homes & Communities Agency and Royal Bank of Scotland.
Scott Hammond, managing director of Essential Living, said:“The Acton scheme will be our biggest to date and one which we hope will set new standards for how the PRS can be judged.”
