King’s Cross BTR gets £85m funding from NatWest

Related Argent has secured an £85m investment loan from NatWest to refinance its 218-home Author King’s Cross build-to-rent development.  The loan, structured over a three-year term, marks the first investment loan for Related Argent’s rental portfolio following previous construction loans and stabilisation of the Author King’s Cross development. The scheme opened to residents in October 2023 and is Related Argent’s first BTR development, located within the King’s Cross estate. It has achieved an occupancy rate of 97% in 10 months. The scheme was developed in partnership with international investor the Olayan Group and is managed by Related Argent’s in-house team. It comprises three buildings providing 182 private rental homes, including 23 discounted rental homes, and 36 social rental homes. Amenities include a residents’ lounge, home-working booths, a fitness centre, screening room, private dining room, party room, coffee and wine bar and garden kitchen opening onto a courtyard. Tom Goodall, chief executive of Related Argent, said: “We have a long-standing relationship with NatWest, and its reputation as a trusted lending partner has allowed us to complete the loan quickly and efficiently. Over the past 15 years, King’s Cross has become one of the most compelling, interesting and desirable places to live, work, study and visit in London, making it the ideal investment proposition and destination.” Mark Pope, relationship director at NatWest Group, said: “NatWest has a long-standing relationship with Related Argent, supporting it in delivering a range of housing across various schemes. This facility demonstrates the bank’s firm commitment to maintaining the highest standards in the residential market and marks a major milestone in our ongoing support.” Photos © John Sturrock