UK build-to-rent (BTR) investor Get Living has secured a 拢150m (鈧�172m) refinancing deal with .
The operator of large-scale residential neighbourhoods said PGIM Real Estate鈥檚 European senior debt platform has provided the refinancing for Portlands Place, East Village in Stratford.
Portlands Place in East London, launched in August 2022, comprises 524 homes and amenities, including a gym and spin studio, a screening room, co-working space, dining room and roof gardens. The building is currently at 97% occupancy.
James Mathias, senior portfolio manager at PGIM Real Estate, said: 鈥淒espite near-term volatility, our conviction in the structural dynamics of the UK rental market and Stratford remain strong, especially given the limited options for tenants seeking high-quality homes with exceptional amenities both inside and outside the building.鈥�
Dan Greenslade, Get Living鈥檚 CFO, said: 鈥淭his 拢150m refinancing deal with PGIM is a real vote of confidence in Get Living and the wider BTR sector, at a time of wider market uncertainty.
鈥淧ortlands Place raised the bar for rental living and its combination of new, furnished homes and exclusive resident amenity space has seen consistently high demand since the scheme launched.鈥�
Get Living said the transaction, which represents the firm鈥檚 first funding deal with PGIM Real Estate, underscores the confidence in Get Living and the broader residential sector amidst prevailing market uncertainties.
In April of this year, Australia鈥檚 Aware Super invested an undisclosed sum to buy Qatari Diar鈥檚 22% stake in Get Living and to become co-investor with DOOR (a residential investment vehicle comprising investment from Delancey client funds, Oxford Properties, Alecta, Allianz and LPPI). APG and DOOR each control a 39% stake.
In addition to its three operational neighbourhoods at East Village in Stratford, Elephant Central in London and New Maker Yards in Salford, Get Living has a secured pipeline of an additional 6,500 homes in major urban centres across the UK, including Birmingham and London.
To read the latest 91传媒在线 magazine click here.
