London, England, 21 June 2019 – Cain International, the privately held real estate investment firm operating in Europe and the United States, has agreed to provide a £385 million whole-loan facility to Henderson Park and Greystar Real Estate Partners, to support the acquisition of a site for the development of an 894-home build-to-rent (BTR) residential project in Nine Elms, London. The loan has a six-year term.
Located at the former Royal Mail depot in the Battersea Nine Elms regeneration area, the project will consist of 641,000 sq ft of residential space across two buildings, providing a mix of studios, one, two and three-bedroom apartments, as well as 25,000 sq ft of best-in-class tenant space and 25,000 sq ft of retail. On behalf of Henderson Park and Greystar, Telford Homes Plc will commence construction in June 2019. First homes are expected to be ready in 2022 with full completion expected in 2024.
Commenting on the deal, John Cole, Managing Principal and Head of Real Estate Debt at Cain International, said: “We are proud to provide this substantial whole-loan, enabling the delivery of nearly 900 new homes in one of central London’s most vibrant emerging locations. This deal demonstrates our partnership-driven approach, working with businesses that are addressing market demand, as well as our debt platform’s flexibility and firepower to provide outsized loans, amongst a range of financing solutions. Henderson Park and Greystar have built an impressive track record and portfolio in PRS in recent years, catering to a diverse demographic of renters across London, making them ideal partners for us in the build-to-rent market.”