UK build-to-rent developer Get Living has finalised a £150 million refinancing of Portlands Place at its flagship neighbourhood, East Village in Stratford.
The financing marks the company’s first funding deal with global investment manager PGIM Real Estate and reflects market confidence in Get Living and London’s build-to-rent (BtR) market in the context of challenging economic conditions.
Portlands Place launched in August 2022, delivering 524 new high-quality homes and market-leading amenities, including a gym and spin studio, a screening room, co-working space, dining room and roof gardens. Its unique resident offering, accompanied by the extensive public realm and wider retail offer at East Village, has ensured that Portlands Place is highly popular with residents. The building was 80% occupied by the end of 2022, and is now at 97% occupancy.
The financing, which was provided by PGIM Real Estate’s European senior debt platform, contributes to Get Living’s well-balanced debt profile and strong financial position. In April of this year, it was announced that Australian superannuation fund Aware Super had entered the UK’s BtR market with the purchase of a 22% stake in Get Living. Aware Super joined Get Living’s other long-term institutional investors, APG and DOOR.
Dan Greenslade, Chief Financial Officer at Get Living, said: “This £150m refinancing deal with PGIM is a real vote of confidence in Get Living and the wider BtR sector, at a time of wider market uncertainty. Portlands Place raised the bar for rental living and it’s 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.”
James Mathias, Senior Portfolio Manager for PGIM Real Estate, said: “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 BtR in the UK.”
In addition to its three operational neighbourhoods at East Village in Stratford, Elephant Central in London and New Maker Yards in Salford, Get Living has a secured pipeline of an additional 6,500 homes in major urban centres across the UK, including Birmingham and London.
Click here to receive CRE Herald’s weekly newsletter, news alerts and insights!