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UK: Apache Capital and Nuveen Real Estate have agreed a two-year £125 million refinancing with United Overseas Bank (UOB) for the Present Made, Eddington scheme.
The single-family rental (SFR) development was delivered in partnership with the University of Cambridge, and is operated by Apache Capital’s in-house operational platform, Present Made – with Nuveen acting as investment advisor.
It forms part of the wider Eddington urban extension to the north-west of Cambridge, two miles from the city centre and beside the University’s West Cambridge research campus. The UOB refinancing replaces the previous development loan facility with BGO and represents the next phase of the joint venture’s strategic plan to maximise value for both partners and their investors.
Present Made, Eddington is the UK’s first purpose-designed single-family rental scheme and comprises 373 energy-efficient homes. They sit alongside shared amenities including a pavilion and rooftop terrace, a gym, dedicated workspace, a cinema room and a children’s playground.
Present Made, Eddington is the cornerstone of the University of Cambridge’s 150-hectare North West Cambridge masterplan, integrated into a wider urban village that includes schools, retail, expansive green space and other amenities. The development targets net-zero operational carbon through precision engineering and smart technology.
Nuveen Real Estate, one of the largest real estate investment managers in the world, formed a single-family build-to-rent joint venture with Apache Capital in 2023 to fund the Present Made, Eddington scheme.
John Dunkerley, founder and chief executive of Apache Capital, said: “Present Made, Eddington is a template for how similar urban extensions can blend different types of rental and for-sale housing. The provision of different services and, above all, the friction-free experience we give our customers should be what all rental schemes look to offer. With growing interest in Cambridge, and growing momentum around major science and technology companies in the region, we continue to see a deep well of demand from families and high-skilled workers who rightly want a better rental experience than is often found in the market.”
Jasper Gilbey, head of housing and alternatives, Europe at Nuveen Real Estate, said: “We are delighted to have successfully completed the refinancing of our flagship single-family housing development in Cambridge – Present Made, Eddington. The strong lender demand reflects the high-quality of the scheme as well as its strategic location in one of the UK’s most prominent growth markets, Cambridge. An excellent result delivering practical completion and the refinancing ahead of business plan – a great collaborative effort between the Nuveen and Apache teams.”
Lim Lay Wah, head of global financial institutions group, overseas branches and ESG strategy at UOB, said: “As the demand for high-quality, sustainable housing solutions continues to grow, well-structured green financing plays an increasingly important role in supporting the development and scaling of such assets. We drew on our sustainability expertise to deliver financing solutions for Apache Capital and Nuveen Real Estate to advance their sustainable development initiatives in the UK, while supporting the long-term performance of quality real estate assets.”
Highlights:
- Apache Capital and Nuveen Real Estate have agreed a two-year £125 million refinancing with United Overseas Bank (UOB) for the Present Made, Eddington scheme
- The single-family rental (SFR) development was delivered in partnership with the University of Cambridge, and is operated by Apache Capital’s in-house operational platform, Present Made – with Nuveen acting as investment advisor
- It forms part of the wider Eddington urban extension to the north-west of Cambridge, two miles from the city centre and beside the University’s West Cambridge research campus
- Present Made, Eddington is the UK’s first purpose-designed single-family rental scheme and comprises 373 energy-efficient homes
