Build-to-rent operator Get Living has secured a £150m refinancing deal with PGIM Real Estate for its Portlands Place scheme in Stratford, E20.
The transaction marks Get Living’s first funding deal with the investment manager. It was financed by its European senior debt platform.
Portlands Place is located at the operator’s flagship East Village neighbourhood. It opened in 2022 and consists of 524 homes and amenities including a gym and spin studio, screening room, co-working space, dining room and roof gardens. It is 97% occupied.
Dan Greenslade, chief financial officer at Get Living, said: “This £150m refinancing deal with PGIM is a real vote of confidence in Get Living and the BTR sector, at a time of wider market uncertainty. Portlands Place raised the bar for rental living, and its combination of new, furnished homes and exclusive resident amenity space has seen consistently high demand since the scheme launched.”
James Mathias, senior portfolio manager for PGIM Real Estate, said: “Despite near-term volatility, our conviction in the structural dynamics of the UK rental market and Stratford remain strong, especially given the limited options for tenants seeking high-quality homes with exceptional amenities both inside and outside the building.”
The news comes after Australian superannuation fund Aware Super entered the UK’s BTR market earlier this year with the purchase of a 22% stake in Get Living. Aware Super joined Get Living’s other long-term institutional investors, APG and DOOR.
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