Grosvenor has made £46 million (€53.7 million) in new UK residential debt transactions and plans to deploy £900 million in the sector over the next 10 years.
Grosvenor said its UK property business is expanding its residential debt strategy with a plan to allocate the capital into debt funding to ”support housing delivery, comprised of new funding and recycling capital from existing and future lending”.
The debt strategy, which was launched in April 2023, has made new transactions comprising a £30 million loan to support McAleer and Rushe to build out the 409-unit The Place purpose-built student accommodation (PBSA) scheme in Nottingham and three land bridge loans to McLaren Property worth £16 million to fund new PBSA projects in Nottingham and Leeds and a build-to-rent scheme in Leeds.
The new transactions build on Grosvenor’s recent £100 million residential debt funding partnership with Generali Real Estate. Combined with transactions to date with DWS, Urban Splash, Aitch Group and the Generali Real Estate partnership, Grosvenor said it is currently supporting the delivery over 1,800 homes across a range of tenures.
Source: realassets.ipe.com on the 25th of March