Construction loan unlocks BTR at Station Hill
Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, has agreed a £138.7m construction loan with AIG’s Commercial Real Estate Lending business and Homes England for a build-to-rent development at Station Hill in Reading.
The loan will enable the delivery of 600 BTR private and affordable homes as part of the first phase of the mixed-use development.
Once fully delivered, Station Hill will provide up to 1,350 new homes, office accommodation for approximately 9,000 new jobs, space for shops, cafés and restaurants, and a new pedestrian link with public realm between the station and the town centre.
Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, has agreed a £138.7m construction loan with AIG’s Commercial Real Estate Lending business and Homes England for a build-to-rent development at Station Hill in Reading.
The loan will enable the delivery of 600 BTR private and affordable homes as part of the first phase of the mixed-use development.
Once fully delivered, Station Hill will provide up to 1,350 new homes, office accommodation for approximately 9,000 new jobs, space for shops, cafés and restaurants, and a new pedestrian link with public realm between the station and the town centre.
Construction work on the wider Station Hill development is already under way, with the first homes in phase one ready for occupation from the end of 2022.
Work is also under way on phase two, which will comprise a 275,000 sq ft office building, a public square and a link bridge through the development into the phase one residential offer.
Callum Thorneycroft, managing director at MGT Investment Management, said: “Station Hill will deliver an exceptional mixed-use sustainable environment offering a true live-work location adjacent to Reading train station and the beginning of The Elizabeth Line. It will create a platform for Reading to attract investment and fulfil its potential as the true capital of the South East.”
John Gardiner, managing director in AIG’s commercial real estate lending business, added: “Our partnership with Lincoln MGT and Homes England at Station Hill exemplifies our long-standing experience with multi-family assets across the globe, while supporting Reading’s inward investment and the growth of the surrounding area. We look forward to seeing the Station Hill project come to life, providing much-needed mixed-use resources for Reading.”
Savills advised Lincoln MGT on the development loan. The residential element of the scheme has been designed by CallisonRTKL, with the office element designed by Gensler.
Image © tmrw.se
