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11 APRIL 2023
Grosvenor announces the creation of a £120m residential development debt strategy. Led by the investment team in its UK property business, the strategy will further diversify its £800m regional investment portfolio, by financing projects across a broad range of residential tenures.
Its first transaction, a senior loan facility of c£33m to DWS Group, is supporting the delivery of 316 homes to rent in Bath.
Grosvenor is expanding its regional presence, which includes the 42-acre Liverpool ONE retail and entertainment destination and a growing regional office portfolio.
Grosvenor will make funding available to developers bringing forward a range of residential-led projects, including market sale, build to rent, affordable housing, student housing and senior living, providing loans up to £30m per transaction.
In line with Grosvenor’s commitments, funding will support projects with strong social and sustainability credentials. DWS’ Bath Junction project is targeting Home Quality Mark 3 for the residential elements and a third of the homes will be for affordable rent. Residents will also be encouraged to cycle with over 650 secure bike parking spaces for residents and visitors provided, along with a car club and electric charging points for the parking spaces available.
The terms of the loan are not disclosed.
Rachel Dickie, Executive Director, Investment, Grosvenor Property UK said:
“Despite economic uncertainty and interest rate rises, we believe the housing market continues to be underpinned by a significant under-supply. Through our debt strategy we are bringing together our capital and expertise to back high-quality projects like Bath Junction, that meet housing need and can demonstrate strong sustainability credentials.”
Andrew Antoniades, Head of Lending, CBRE
“We are delighted to be working with Grosvenor whose reputation and development expertise is market leading, providing a superb foundation to lend into this market.”
Grosvenor is working in partnership with the CBRE Investment Advisory Lending team which works to originate, structure and execute loans for the lending strategy.
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Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.
We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.
With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities.
Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.
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