Cording secures €46m of debt from Barclays for PRS portfolio

Cording Real Estate Group, a member of the Edmond de Rothschild Real Estate investment management platform, has secured debt facilities, totalling £40 mln (€46 mln), from Barclays Bank for two of its private rented sector (PRS) residential developments.

The two facilities, which are for four-year terms, have been provided for Merlin Wharf, a 384-apartment development in Leicester which is due for completion in November 2020, and John Street, a 362-apartment development in Warrington which is due for completion in June 2021.

James Whidborne, head of UK residential and social impact fund management, said: 'These are the first in a series of loans we are aiming to secure for our growing PRS development portfolio.'

'We are delighted to be supporting Cording with a funding package allowing them to bring over 700 new homes to market in Warrington and Leicester,' said Jessica Tomlinson, head of real estate, London, at Barclays Corporate Banking. 'The Real Estate team at Barclays is committed to helping developers build more homes both for rent and for sale.'

Cording’s investment in the PRS sector is made principally through its £400 mln Cording UK Residential Investment Fund. The fund was launched in August 2018 with equity commitments of more than £100 mln from German institutional investors. Cording is expecting to raise an additional £150 mln of equity commitments from Continental European institutional investors. Using leverage, the fund will have £400 mln to create a diversified portfolio of PRS assets.

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