North London development to deliver over 500 new homes via £97m green loan

Six buildings now underway at Brent Cross Town, one of the UK’s largest net zero developments including over 500 build-to-rent homes

Related Argent and joint venture partner Invesco Real Estate have appointed the main contractor and secured the debt finance for the development of Brent Cross Town’s second Build-to-Rent (BtR) building, enabling construction of 286 new homes.

Galliford Try will deliver the homes and over 17,000 sq ft of amenity and retail space, while the £97m debt financing is provided by LaSalle Investment Management, further building on the significant momentum at the £8bn net zero park town in London.

The debt financing takes the form of a Green Loan, lending dedicated to sustainable projects, which is linked to the environmental credentials of the building. The building is designed to be supplied with low carbon heating and cooling from the development’s electric district heating and cooling network, which is being delivered in partnership with Vattenfall.

In addition, the building aims to deliver a measurable net gain in biodiversity and to minimise construction waste and embodied carbon through efficient off-site manufacturing. LaSalle Debt Investments’ green loan structures are compliant with the Loan Market Association’s green loan framework.

The overall Brent Cross Town development is committed to reaching net zero by 2030. The announcement demonstrates the significant progress being made at Brent Cross Town. Six buildings are now underway, the first of which will be completed from the end of 2024.

Brent Cross Town is being delivered in partnership between Related Argent and Barnet Council and will create a total of 6,700 new homes, 3 million sq ft of offices, a high street and schools surrounded by 50 acres of parks and playing fields including the new 4.5-acre Claremont Park which was completed last year.

The new contractor appointment and financing is part of the joint venture between Related Argent and Invesco Real Estate, the global real estate investment manager, formed at the end of 2022 to deliver £600m of Gross Development Value, including over 800 homes as well as retail by 2025.

Tom Goodall, Managing Director of Related Argent, commented: “There is strong momentum behind our BtR portfolio with our first rental homes now completed at Author King’s Cross and over 1,000 BtR homes under construction.

“Our joint venture with Invesco Real Estate at Brent Cross Town and the financing from LaSalle Investment Management is helping meet an increasing gap in the market and addressing the city’s growing demand for high-quality rental properties in vibrant places.”

“—– By Matthew Neville – Senior Correspondent, Bdaily

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