LaSalle Investment Management is backing Greystar with a fixed-rate green loan facility of £130 mln (€150 mln) for the acquisition and partial development of a 770-bed student housing asset in Wembley Park, London.
The asset is scheduled to complete in the summer of 2025 comprising 20 storeys with 12,000 ft2 of amenities, including co-working space, external courtyards and gardens, a gym and bike storage at a project close to Wembley Stadium. It aims to achieve a BREEAM rating of “Excellent” and to target a ‘Two Star’ Fitwell accreditation.
Robert Fay, director of debt investments, said it was the fourteenth loan facility secured against student accommodation the company had made in Europe so far.
The loan does not require syndication and is green to the extent it complies with the Loan Market Association’s green loan framework and Green Loan Principles.