UK: DTZ Investors Co-Living Fund (COLIV) has completed a £110 million refinance of its Folk Co-living portfolio with Japanese lender SMBC Bank International Plc.
The portfolio comprises of three assets with more 800 coliving studios across London – in Battersea, Harrow and Earlsfield.
COLIV is the world’s first institutional coliving fund. DTZ Investors recently announced full occupancy of its third Folk asset, Florence Dock, in Battersea, after a three-month lease up period. This follows the successful lease-up of the fund’s first two assets in Harrow and Earlsfield, which are also fully let. Folk provides residents with studio apartments and access to on-site amenities such as a gym, coworking space, community kitchen, roof terraces, games room, cinema and library.
Chris Saunders, COLIV fund director said: “This re-finance demonstrates the confidence the market has in both the coliving sector and in the Folk Co-living brand. This significant deal with SMBC Bank International will set the fund up for the next stage of its growth.”
DTZ Investors created its own coliving brand designed around the three values of convenience, connection, and contribution. It opened Folk at The Palm House, Harrow in early 2022, which reached full occupancy within five months of opening. DTZ Investors then launched Folk at Sunday Mills, Earlsfield, the UK’s largest purpose-built coliving building, in late 2022, achieving full occupancy within three months of opening.
The portfolio has a strong focus on ESG, with 25 per cent of total studios allocated as affordable housing, and is working with a number of community investment partners as part its “giving back” strategy. Sustainable design and construction is also a priority for DTZ Investors, with the COLIV fund having been awarded a 5* GRESB rating for the second year in a row, scoring 97 out of 100, receiving further recognition as Global Sector Leader in residential development.
DTZ Investors is currently capital raising to fund a future pipeline of opportunities.
