Invesco seals €233m loan from HSBC for UK BTR assets

Global real estate investment manager Invesco Real Estate has secured a £200 mln (€233 mln) loan with HSBC UK to support two residential Build-to-Rent assets in East and West London.

The loan sees HSBC UK solely refinance the existing sites at Kew Bridge and Barking Wharf, delivered by EcoWorld London in 2021 and early 2022. Both properties are located in prime London commuter locations and offer affordable professionally-managed purpose-built stock for their residents.

The four-block site at Kew Bridge comprises 487 BtR apartments with extensive residents’ amenity spaces as well as a restaurant and coffee shop on the ground floor. The development forms part of a wider £600 mln regeneration of brownfield land, which facilitated the delivery of Brentford Football Club’s 17,250 seat stadium.

The Barking Wharf two-block development consists of 595 build-to-rent apartments and includes a concierge, gym and social and work lounges for residents. New shops, cafes and a new museum for the borough are also now open on site.

John German, managing director, Residential Investment for Invesco Real Estate, said: 'Following the original investment by Invesco Real Estate’s global investor in 2019, the two investments have been successfully developed and leased. As we entered the second phase of our investor’s investment period we wanted to refinance the two assets with one bank that we could trust to move quickly. Following a thorough review by our debt advisors Brotherton, we were delighted to be able to select HSBC UK, whose real estate team was the ideal choice to enable us to take these two investments forward.'

Darren Wilson, head of Private Rented Sector at HSBC UK, added: 'The evolution of the build-to-rent market, particularly in London, has been dramatic in recent years with no sign of any let up in demand or investor interest. This is a significant loan for the sector and demonstrates our appetite to support this important route to delivering new housing in the UK.'

 

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