Investec Structured Property Finance has provided a £45m five-year loan to Comer Homes for the development of Royal Winchester House in Bracknell, Berkshire.
Work is already under way to transform the former site of Post It giant 3M’s headquarters into 311 PRS flats. It is due for completion in 2020.
The scheme opposite Bracknell’s recently opened shopping centre, the Lexicon, will also house retail outlets and residents’ parking. It is part of a £750m regeneration of the town centre.
Investec’s Steve Cook said: “The Bracknell regeneration project is one of the largest schemes of its kind currently being undertaken in the UK, and the Comer Homes development is a key part of the final product.
“As the UK private rented sector goes from strength to strength, we are increasingly seeing investors identify opportunities outside of London offering favourable returns.
“The financial and logistical benefits for a client in being able to have the option of a seamless transition from a development to investment loan with the same lender are numerous, and we anticipate this being an increasing feature of our loan book during 2018, with a supportive macro environment and the ongoing retrenchment by traditional lenders creating this market opportunity.”
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