L&G BTR business gets loan facility for 1,000 homes
Legal & General’s Suburban Build to Rent business has signed a £150m five-year revolving credit facility backed by HSBC UK, Barclays and NatWest to finance its pipeline of 1,000 homes.
The facility will help to address the significant demand for rental housing across the UK and for family homes in areas connected to schools, transport infrastructure and key amenities, as well as providing service from an institutional landlord.
The loan follows SBTR’s recent announcement with Cala Homes of the exchange of 107 homes at Buckler’s Park, Crowthorne, in the southeast of England.
Legal & General’s Suburban Build to Rent business has signed a £150m five-year revolving credit facility backed by HSBC UK, Barclays and NatWest to finance its pipeline of 1,000 homes.
The facility will help to address the significant demand for rental housing across the UK and for family homes in areas connected to schools, transport infrastructure and key amenities, as well as providing service from an institutional landlord.
The loan follows SBTR’s recent announcement with Cala Homes of the exchange of 107 homes at Buckler’s Park, Crowthorne, in the southeast of England.
This was the first forward funding transaction between SBTR and homebuilder Cala, both of which are owned by L&G Capital.
SBTR homes are designed to reflect new ways of living post-COVID, with features such as home offices for flexible working and access to more extensive outdoor space.
In line with L&G’s wider commitment to sustainability, the SBTR platform aims to be operationally carbon net zero from 2030.
SBTR finance director Jane Sullivan said: “To have secured a facility of this size in such a challenging credit environment is testament to the merit of the product that SBTR is delivering, as well as the strength of relationship with our banking partners.
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