UK: Invesco Real Estate has secured a £200 million loan from HSBC UK to support two stabilised BTR assets in London.
The loan sees HSBC UK solely refinance the Kew Bridge and Barking Wharf BTR schemes which were both delivered by EcoWorld London.
The Kew Bridge scheme includes 487 apartments across four buildings, with extensive amenity spaces, and a restaurant and coffee shop on the ground floor. The development forms part of a wider £600 million regeneration of brownfield land, which facilitated the delivery of Brentford Football Club’s 17,250 seat stadium.
The Barking Wharf development includes 595 apartments across two buildings. Amenities include a concierge, gym and social and work lounges. New shops, cafes and a new museum for the borough are now also open.
John German, managing director, residential investment at Invesco Real Estate, said: “Following the original investment by Invesco Real Estate’s global investor in 2019, the two investments have been successfully developed and leased. As we entered the second phase of our investor’s investment period, we wanted to refinance the two assets with one bank that we could trust to move quickly.”
“Following a thorough review by our debt advisors Brotherton, we were delighted to be able to select HSBC UK, whose real estate team was the ideal choice to enable us to take these two investments forward,” he added.
Darren Wilson, head of private rented sector at HSBC UK, said: “The evolution of the BTR market, particularly in London, has been dramatic in recent years with no sign of any let up in demand or investor interest. This is a significant loan for the sector and demonstrates our appetite to support this important route to delivering new housing in the UK.”
