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Related Argent completes £189m refinancing on Brent Cross build-to-rent blocks
Developer Related Argent has completed a £189m refinancing package on two build-to-rent blocks in Brent Cross.
Related Argent completes £189m refinancing on Brent Cross build-to-rent blocks #UKhousingThe two refinancing deals were funded by HSBC UK and Barclays UK Corporate Bank. They have a combined value of £188.7m and an average loan-to-value of 60%.
They apply to two build-to-rent buildings, known collectively as The Maple, located in the Brent Cross Town regeneration scheme in Barnet, north London. They comprise a total of 540 homes with amenities such as a swimming pool, gym, rooftop terrace and co-working space.
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Brent Cross Town is one of Europe’s largest regeneration projects. Once complete, it will provide up to 6,700 new homes, through a mix of affordable, build-to-rent, homes for sale, co-living, purpose-built student accommodation and senior living.
The masterplan also includes a retail-led high street, 50 acres of parks, public squares and sports and play facilities, three new schools and three million sq ft of office space.
Related Argent was founded in 2015. It currently manages 720 operational build-to-rent homes and has another 1,400 homes in development. This includes 484 homes at Ferry Island in Tottenham Hale, which are scheduled to launch later this year.
The developer is best known for its regeneration of King’s Cross in central London, which includes Related Argent’s first build-to-rent development, Author.
Oli Rifkind, chief development officer at Related Argent, said: “The successful refinancing of our first two build-to-rent developments at Brent Cross Town, the first of which is now fully stabilised, is a strong endorsement of both the quality of these assets and the long‑term vision for the town.
“Securing this quantum of funding from two leading banks, at a time when the market remains selective, demonstrates the confidence that lenders continue to place in our approach, our partnerships and our ability to deliver high‑performing build-to-rent homes.”
Darren Wilson, head of private rented sector at HSBC UK, said: “We are pleased to play a key role in this regeneration project, showcasing the economic growth and appeal of Brent Cross Town for residents and businesses.
“The build-to-rent delivery will help address the demand for housing and contribute to wider regeneration plans for the area.
“HSBC UK has a longstanding relationship with Related Argent. This is our first residential scheme, and we are excited to watch the wider regeneration come into fruition.”
Dan Whiting, relationship director at Barclays UK Corporate Bank, said: “Brent Cross Town demonstrates how large-scale regeneration can unlock long-term economic and social value, while meeting growing demand for professionally managed rental housing.
“We are pleased to be supporting Related Argent as it delivers on the long-term vision for Brent Cross Town, with The Maple project driving real long-term growth of the UK economy.”
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