City & Docklands (C&D) and Housing Growth Partnership (HGP) have secured a £41.4m loan from Investec Bank to refinance the North Kensington Gate build-to-rent (BTR) scheme in west London.
North Kensington Gate, Old Oak Common, west London
The recently completed scheme includes 150 one-, two- and three-bedroom apartments with ground-level and elevated landscaped gardens around Old Oak Common station, which is set to connect HS2, the Elizabeth line, Heathrow Express and GWR.
C&D chief executive Gary Sacks said: “North Kensington Gate is an important scheme for C&D and for the wider Old Oak Common area. As our strategy evolved around an area undergoing substantial regeneration, it was important to work with a funding partner that understood both the asset and our wider vision.
“Investec’s support and long-standing partnership gave us the confidence and flexibility to move forward with the right structure for the next phase of the scheme.”
Ian Burdett, from the real estate team at Investec, added: “Investec was able to provide a tailored refinancing that supports the long-term hold of North Kensington Gate as a BTR scheme, while also backing a client relationship that has been built over many years.
“This transaction demonstrates Investec’s ability to structure flexible capital around our clients’ business plans and to support experienced sponsors as they position assets for long-term growth in locations with strong underlying fundamentals.”
Last month, Investec provided a senior development loan to Hines and Chancerygate to fund a 166,500 sq ft speculative urban logistics development in Oldham.
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