UK: Developer Related Argent has secured an £85 million investment loan from NatWest to refinance its Author King’s Cross BTR development.
The deal marks the first investment loan for Related Argent’s rental portfolio following previous construction loans and is described by the company as “a major milestone in the stabilisation of the Author King’s Cross development”. The loan is structured over a three-year term and was completed within six weeks of signing Heads of Terms (HOTs).
Tom Goodall, chief executive of Related Argent, said: “We are delighted to have secured a long-term investment loan for Author King’s Cross, Related Argent’s inaugural Build to Rent development. We have a longstanding relationship with NatWest and its reputation as a trusted lending partner has allowed us to complete the loan quickly and efficiently. Over the last 15 years, King’s Cross has become one of the most compelling, interesting and desirable places to live, work, study and visit in London, making it the ideal investment proposition and destination.”
Mark Pope, relationship director at NatWest Group, added: “We’re happy to continue our support for Related Argent by providing an £85 million investment facility on its first completed Build to Rent scheme. NatWest has a long-standing relationship with Related Argent, supporting it in delivering a range of housing across various schemes. This facility demonstrates the bank’s firm commitment to maintaining the highest standards in the residential market and marks a major milestone in our ongoing support.”
NatWest has a near 10-year lending relationship with Related Argent, and, alongside Author King’s Cross, has provided financing for other schemes at King’s Cross and Brent Cross Town. Most recent among these is a £62.7 million green loan secured earlier this year for the first office building at Brent Cross Town, the £8 billion mixed-use park town for London that is being developed in partnership with Barnet Council.
Author King’s Cross opened to residents in October 2023 and is Related Argent’s first BTR development. Since its launch, Author King’s Cross has achieved an occupancy rate of 97 per cent in 10 months.
Developed in partnership with international investor The Olayan Group, the scheme is managed by Related Argent’s in-house team. It comprises three contemporary buildings providing 182 private rental homes – including 23 discounted rental homes – centred around a landscaped courtyard garden. Amenities include a residents’ lounge, home-working booths, a fitness centre, screening room, private dining room, party room, coffee and wine bar and garden kitchen opening onto the courtyard. Priding itself on outstanding service and amenities, the building has a rating of 4.85 out of 5 on verified resident reviews portal, HomeViews.
