Law firm Macfarlanes has advised ARA Venn, a specialist investment manager in European real estate private debt on the provision of long-term acquisition financing of the £400m+ acquisition of three Build to Rent developments by German real estate investor, ECE.
The loan was provided under ARA Venn’s UK government-backed £3.5bn Private Rented Sector Housing Guarantee Scheme. This is a landmark transaction in the UK PRS – and one of the largest financings to date under ARA Venn’s scheme.
ECE has acquired the 2,063 Build to Rent residential accommodation portfolio, which is located in the centres of key regional cities – Birmingham, Leeds and Manchester. Build to Rent developer and property manager, Dandara has acquired the properties. This is ECE’s first investment into the Build to Rent market, and they will be managing the developments in partnership with Dandara.
“Macfarlanes are delighted to have supported ARA Venn on another important financing. This financing for ECE was a landmark transaction for ARA Venn and for all other parties given the size and complexity, and also because the completions took place during lockdown.”Colin Morgan, Partner, Macfarlanes
The Macfarlanes team was led by real estate finance partner Colin Morgan, alongside senior solicitor Lizzie Chamberlain and solicitor Christine Dowdall. Advice on the real estate aspects was provided by partner Clare Breeze and solicitor Emily Walker, and construction advice by partner Angus Dawson and senior solicitor Alex Crockford.