Investment manager Venn Partners announced that it had successfully closed its sixth sale of bonds under the £3.5bn private rented sector housing guarantee scheme that it manages for the UK government.
It raised £82.5m to fund PRS apartments owned by Realstar, the privately owned real estate investment and management company.
UNCLE Elephant and Castle is a PRS residential development situated within a mixed-use development of shared ownership and affordable residential, retail and the Southwark Playhouse theatre.
The development completed in December 2017 and UNCLE launched the rental apartments to be marketed pre-Christmas.
UNCLE residents will have access to a gym, cocktail bar, co-working space and private dining/kitchen facilities.
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The site was procured from the Greater London Authority and constructed by the Mace Group with the Homes and Communities Agency (HCA) providing development finance throughout the construction phase.
“We are delighted to have been able to support Realstar with long-term funding and to contribute to the delivery of new housing in the PRS sector,” said Beatrice Dupont at Venn Partners.
Ryan Prince at Realstar added that UNCLE Elephant and Castle was the flagship property for its new brand.
“The project has been over three years in the making and we think the end product is a testament to how great an institutional rental product can be in this country.
“The government’s commitment to this [fledgling] sector is critical to its continued growth in order to provide the necessary liquidity for scale.
“The Venn programme and HCA build-to-rent fund have been invaluable partners to us in this endeavour.”