Investec Structured Property Finance has agreed to provide Southdawn Limited with two senior debt facilities totaling £61m.
The funding assists with the acquisition and development of two PRS schemes in Crawley, Sussex and Sudbury, West London which will total around 400 units.
In Sudbury, Investec has provided £43m for the acquisition and first phase development of a vacant 164,000 sq ft office block and adjoining 7.9 acres of land known as Kellogg Tower.
At Crawley, Investec provided an £18m facility for the acquisition and development of a vacant office property totaling 43,600 sq ft, into 129 residential units over four storeys.
Hayley Scott, at Investec Structured Property Finance, said: “As the Private Rented Sector starts to make a significant contribution to solving the housing shortage in London and the South East, we anticipate future opportunities to fund similar schemes.
“The PRS market is continuing to mature, driven by changing home-ownership attitudes and an increasing market acceptance of the advantages of this type of accommodation.”
Cyril Ogunmakin, chief executive of Interland Group, added: “The Investec team has a wealth of experience financing complex residential transactions and, as always, were flexible and commercial in their approach.
“We look forward to maintaining this strong relationship as we develop our pipeline of projects.”
