Gresham House has agreed a £30m debt facility to support its investment in affordable mid-market build-to-rent housing.
The alternative asset manager has struck a refinancing deal with Scottish Widows for five assets in its British Strategic Investment Fund Strategy portfolio.
The buildings were developed in partnership with Rise Homes in Manchester, Stockport, Coventry and Wolverhampton.
Gresham House’s TradeRisks secured the new facility.
Joe Thomas, investment director at Gresham House, said: “Our ability to arrange deals of this type in-house will allow us to quickly bring to market more affordable high-quality homes.
“Working alongside our development partners, we have been focused on the mid-market build-to-rent space for a number of years and will continue to deliver on our pipeline in this strategically important space – where there is also a sizeable opportunity for steady returns.”
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