The Collective and DTZi secure £32m for Harrow co-living
DTZ Investors has secured a £32m development facility for the Collective’s Harrow co-living scheme.
Half of the finance was provided by the Bank of London and the Middle East, and half from Bank ABC in London.
The loan will support development of 222 co-living bedrooms at the North London scheme, which received planning consent in 2018.
DTZ Investors has secured a £32m development facility for the Collective’s Harrow co-living scheme.
Half of the finance was provided by the Bank of London and the Middle East, and half from Bank ABC in London.
The loan will support development of 222 co-living bedrooms at the North London scheme, which received planning consent in 2018.
It is the first investment backed by DTZi’s COLIV fund, which aims to deploy £1bn on co-living projects in Greater London over 10 years. The scheme is expected to complete in Q4 2021.
Paul De Croos, head of real estate finance at BLME, said: “Co-living represents an important new phase of development in the real estate market.
“For BLME, this is a unique opportunity to support a forward-looking, high quality community accommodation project that is focused on creating solutions to the challenges faced by a generation of younger renters.’
Keith Leach, head of UK real estate finance at Bank ABC, added: “The co-living sector is a developing market, offering modern, cost-effective accommodation with a range of amenities to suit the lifestyles of young renters.”
CBRE’s debt and structured finance team advised DTZ Investors.
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Image © The Collective
