UK: Greystar Real Estate Partners, LLC (Greystar) has closed of a £600 million debt facility for the regeneration and development of The Biscuit Factory project in Bermondsey, south London.
The debt facility that will be utilised to finance the development of the scheme was secured through a consortium of four lenders: Standard Chartered Bank (SCB), First Abu Dhabi Bank (FAB), Oversea-Chinese Banking Corporation (OCBC), and Emirates NBD (ENBD).
Greystar has appointed McLaren Construction, McAleer & Rushe and Sisk to build four buildings as part of The Biscuit Factory development, which will deliver 1,624 new homes in total – including BTR and Social Rent homes.
The brownfield site – situated at the former Peek Freans biscuit factory – will be transformed to include retail, leisure, and office spaces alongside the BTR homes. Amenities will include lounges, workspaces, gyms, private dining rooms, an indoor swimming pool, and expansive roof terraces.
The Biscuit Factory will also include 338 Social Rent homes to be constructed by London Square.
Mark Allnutt, executive director, Europe investment management leader at Greystar, said: “This landmark development reinforces our commitment to delivering high-quality housing across all segments, from market-rent homes to social housing, while also creating new opportunities for businesses and the local community. We are pleased to have closed this debt facility and secured partnerships with leading contractors, who each bring unique expertise and a strong track record in delivering complex urban developments. Their contributions will be instrumental in ensuring that the project meets our ambitious goals, not only in delivering homes, but also creating dynamic spaces that reflect the heritage and future potential of Bermondsey.”
The buildings are targeting Home Quality Mark 4 Star for the residential spaces and BREEAM Excellent certification for the commercial areas.
Construction at The Biscuit Factory began earlier this year, following Greystar’s acquisition of the site in 2022 and the amended proposals for the BTR scheme being approved by Southwark Council in March.
The first homes are expected to be ready for occupation in the Autumn of 2025, with the whole scheme expected to complete in H1 2027.
