Investec has provided a £19.3m loan to Edmond de Rothschild Real Estate Investment Management to support the delivery of a BTR scheme in Rugby, Warwickshire.
The 39-month loan will fund the construction of Charolais Gardens, a 357-unit residential development in Rugby’s town centre.
Scheduled for completion in January 2023, Charolais Gardens will comprise one- and two-bedroom apartments and various amenities, including a concierge, gym, resident’s lounge and wellness garden.
This is the first loan the firm has completed for Edmond de Rothschild.
Jonathan Long, Investec’s head of corporate real estate (pictured above), said: “This transaction demonstrates our conviction in high-quality, affordably priced BTR schemes that benefit from excellent transport connectivity.
“The government’s levelling up agenda, impact of the Covid-19 pandemic and the sector’s defensive characteristics have seen accelerated investment in, and demand for rental homes outside of London.
“Establishing new relationships with high-quality counterparties, such as Edmond de Rothschild, is a key part of our growth strategy, and we look forward building a long-term partnership.”
James Whidborne, head of fund management for residential (UK) at Edmond de Rothschild, added: “This transaction is further evidence of the appetite for regional BTR from a variety of both equity and debt providers.
“We hope this is the start of a strong relationship with Investec, as we continue to grow our platform and create and launch a series of products for investing in this space.”
