Lincoln Property Company UK and MGT Investment Management (together LMGT), advised by Savills Debt Advisory, has secured a £140 million development loan from AIG and Homes England, the UK government’s housing agency.
The funds will facilitate the construction of 600 Build to Rent (BtR) homes as part of the first phase of the ₤750 million, mixed-use development at Station Hill, Reading.
Located next to Reading train station, the scheme will be a significant boost to Reading and its surrounding area, with the first homes scheduled to be ready for occupation from the end of 2022.
The second phase of work will deliver a 275,000 sq ft office building (‘One Station Hill’ – ‘OSH’), a new public square, and a link bridge through the development into the phase one residential community.
Andrew McMurdo, Head of Savills Debt Advisory, says: “We are delighted to have secured an optimal debt package for our clients. The deal structure includes both Senior and Junior debt and will facilitate the successful delivery of phase one at this fantastic mixed-use scheme.”