Grosvenor has set up a 拢120m (鈧�136.3m) UK residential development debt strategy and issued its first loan to asset manager .
The investor said the new debt strategy has been launched to help further diversify the firm鈥檚 拢800m UK regional investment portfolio, by financing projects across a broad range of residential tenures. Grosvenor鈥檚 existing regional portfolio includes the 42-acre Liverpool ONE retail and entertainment destination and a regional office portfolio.
Grosvenor said it is working in partnership with the investment advisory lending team which works to originate, structure and execute loans for the lending strategy.
The firm鈥檚 first transaction is a 拢33m loan to help DWS deliver 316 homes to rent in Bath.
Rachel Dickie, executive director of investment at Grosvenor鈥檚 UK property business, said: 鈥淒espite economic uncertainty and interest rate rises, we believe the housing market continues to be underpinned by a significant under-supply.
鈥淭hrough our debt strategy, we are bringing together our capital and expertise to back high-quality projects like [the DWS] Bath Junction, that meet housing needs and can demonstrate strong sustainability credentials.鈥�
Andrew Antoniades, the head of lending, CBRE, said: 鈥淲e are delighted to be working with Grosvenor whose reputation and development expertise is market leading, providing a superb foundation to lend into this market.鈥�
To read the latest edition of the latest 91传媒在线 magazine click here.
