Investec Bank, in partnership with Allied Irish Banks, has provided Signal Capital Partners, a London-based private asset management firm, with a £54.6m loan secured on two former offices which Signal has converted into build-to-rent assets.
Sutton Park House in Sutton, south London, offers 149 build-to-rent apartments, 46 of which are affordable.
Meanwhile, in Aylesbury, a vacant office space has created 161 contemporary apartments.
This scheme plays a key role in the town’s £5m regeneration programme, aimed at revitalising the town centre and repurposing underused buildings.
Sebastian Walley of Investec’s real estate team, said: “These projects directly address the critical undersupply in the UK of high-quality rental homes in well-connected urban locations, as well as the acute requirement for more affordable housing.
“While not always possible, transforming existing buildings is significantly more carbon friendly than ground up development, and this approach typifies our commitment to supporting sustainable urban regeneration and our ability to structure creative, flexible solutions to meet complex borrower requirements.”
Henry Gray, vice-president at Signal Capital Partners, said: “Securing this loan marks a significant milestone for our build-to-rent strategy in the UK. The successful refinancing follows strong market interest and competitive terms provided by a number of potential lenders. This was our first transaction with Investec, which proved a reliable partner and demonstrated a commercial approach throughout the execution process.”
Image: Signal Capital Partners
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