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Investec funds build-to-rent scheme in Walthamstow

Investec Structured Property Finance has provided an £80m loan to fund the delivery of a build-to-rent scheme in Walthamstow.

The five-year facility will fund the 257-unit build-to-rent scheme on the three acre Equipment Works regeneration scheme.

The joint venture was supplied between real estate businesses Henderson Park and Greystar.

Half of the finance package was arranged with Bank of Ireland with Investec providing the balance.

The development is scheduled to complete in 2021.

Joshua Weinstein at Investec Structured Property Finance, said: “Our confidence in backing this scheme is twofold: the barriers to entry for home ownership in London are high; whilst in Henderson Park and Greystar we are partnering with two of the most sophisticated and credible real estate businesses currently amassing significant build-to-rent portfolios in London.

“In relative terms, the sector in London is still nascent, but the simple supply demand dynamic for residential property favours those who are able to deliver high quality purpose built schemes in sought after locations.

“This deal also demonstrates our ability to match the expertise and relationships we have with access to other sources of capital. This enables us to partner other lenders and provide clients with significantly sized bespoke funding packages, beyond the scope of our own balance sheet and across a range of asset classes.”

Nick Weber, founding partner of Henderson Park, added: “This loan finances our Equipment Works project with Greystar through completion and lease up, delivering first class homes into a newly established neighbourhood in a hugely undersupplied London market.

“Working with Investec we have found a very flexible lender that not only understands our specific needs but also the wider context of the London build-to-rent development market.”

Mark Allnutt, senior managing director at Greystar Europe, commented: “This loan helps us realise our commitment to delivering high-quality properties that match residents’ demands for value and service at this development.

“Equipment Works will create significant economic and social benefits for the local community, and we are glad to have Investec on board.”

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