Investec’s Structured Property Finance team has provided a £36m five year senior debt facility to Comer Homes. The funds will complete the final phase of Comer Homes’ Build to Rent development – Mast Quay – in Woolwich, London.
“Mast Quay is a landmark scheme with an abundance of outside space which will complement the wider transformation of the Woolwich area into what is a prime rental location.”Stuart Scott at Investec Structured Property Finance
This is Investec’s and Comer Homes’ third deal. Recently, Investec provided funds – a £45m loan – to Comer Homes to develop Royal Winchester House in Bracknell into 338 units for rent, which has now completed.
“Comer Homes is a longstanding client and we’re delighted to be supporting them in delivering this major residential offering.
“Following our funding of Royal Winchester House in Bracknell, we were extremely impressed with their management of such a large-scale project, which was delivered on time and on budget and are delighted to be working with them again to provide funding certainty in these challenging times.
“This facility will enable Comer to proceed with their long-term ambitions and provides an investment term as the scheme achieves stabilisation.”Stuart Scott at Investec Structured Property Finance
The Mast Quay Build to Rent development includes 204 apartments across two buildings on the riverside. The scheme also includes around 10,000 sq ft of ground floor commercial space. With works underway, the second and final phase of the scheme is due to complete in December 2022.
“Mast Quay is an important addition to our portfolio and one that will help supply the growing demand for high quality rental properties in London.
“Investec’s ability to understand both our short and long-term requirements gives us stability at a time that is undoubtedly challenging for all, so we’re really pleased to be working with them again to bring this project to life.
“With Investec’s support, Mast Quay will play a key role in the transformation of Woolwich as a residential location.”Brian Comer, The Comer Group