Investec agrees £80m loan to Greystar JV

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  • 08/10/2019
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Investec agrees £80m loan to Greystar JV
Investec has provided a joint venture between real estate equity firm Henderson Park and developer Greystar with an £80m loan in conjunction with Bank of Ireland.

The five-year facility will fund development of a 257-unit Build to Rent (BTR) scheme on the three-acre Equipment Works regeneration scheme in Walthamstow, London.

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

Equipment Works is a £130m mixed-use regeneration project in the borough of Walthamstow, North East London. The project aims to transform warehouses at the meeting of Blackhorse Lane and Forest Road into a residential-led mixed-use development.

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 BTR portfolios in London.”

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

Acquired by the joint venture in January, construction work has already started. The development is scheduled to complete in 2021.

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