Get Living secures refinancing with PGIM for Portlands Place BTR

Get Living secures a refinancing deal with PGIM Real Estate for Portlands Place, it’s Build to Rent development at East Village.

Get Living's Portlands Place Build to Rent development at East Village | BTR News
Get Living's Portlands Place Build to Rent development at East Village.

Get Living finalises a £150m refinancing deal with global investment manager PGIM Real Estate, for its Portlands Place Build to Rent development at its flagship neighbourhood, East Village in Stratford. The financing is the first funding deal between the two companies – and reflects confidence in both Get Living and the London Build to Rent market.

Financing was provided by PGIM Real Estate’s European senior debt platform, and contributes to Get Living’s well-balanced debt profile and strong financial position. In April 2023, entering the UK Build to Rent market, Australian superannuation fund Aware Super purchased a 22% stake in Get Living, joining other long-term institutional investors – APG and DOOR.

“Despite 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.  We are delighted to begin our partnership with Get Living, the leading provider for Build to Rent in the UK.”

James Mathias, Senior Portfolio Manager, PGIM Real Estate

Launched in August 2022, Portlands Place includes 524 new high-quality Build to Rent homes. Amenities include a gym and spin studio, screening room, co-working space, dining room and roof gardens. Residents also benefit from extensive public realm and the wider retail offer at East Village. The building was 80% occupied by the end of 2022, and is now at 97% occupancy.

“This £150m refinancing deal with PGIM is a real vote of confidence in Get Living and the wider Build to Rent sector, at a time of wider market uncertainty. Portlands 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. We look forward to working with our new partner PGIM moving forward as we continue to deliver an exceptional resident experience.” 

Dan Greenslade, Chief Financial Officer, Get Living

Get Living has three operational neighbourhoods at East Village in Stratford, as well as Elephant Central in London and New Maker Yards in Salford. The operator also has a secured pipeline of a further 6,500 homes in major urban centres across the UK – including Birmingham and London.