Precede Capital Partners (Precede Capital) and QuadReal Property Group (QuadReal) have provided a €123m three-year whole-loan facility to a London build-to-rent joint venture between BlackRock and Outpost Management (Outpost).
The loan will be used to fund the acquisition and development of a multifamily build-to-rent (BTR) building in North Acton, London, from offsite specialist Tide Construction (Tide). Tide will act as developer and contractor of the scheme, which will be delivered using its volumetric system, Vision (Vision). The development is scheduled for completion in August 2025.
David Jerrard, Chief Credit Officer at Precede Capital, said: “We are delighted to partner with BlackRock and Outpost Management for our inaugural modular construction deal, which offers strong advantages including increased efficiency while limiting the impact of key risks to the project. This financing underpins our core commitments to address growing demand for build-to-rent assets in London and invest in high-quality sustainable assets, underscoring our ability to finance high-calibre developments across the UK.”
Kristian Branum-Burns, QuadReal Senior Vice-President, International Real Estate, Europe, said: “The living sector continues to be a key conviction of QuadReal’s global investment strategy. Enclave fits within our strategy, delivering a high quality, service-led residential scheme in the heart of a thriving pocket of West London. We are excited to be working alongside BlackRock and Outpost on our first Green Loan in partnership with Precede.”
Troy Tomasik, Founder and CEO for Outpost Management, said: “We’re delighted to have acquired this fantastic development, partnering with BlackRock, Precede Capital Partners and QuadReal, to deliver another market-leading scheme with Tide. We look forward to bringing Enclave to Acton, providing a hub for the local community and offering lifestyle-enabling homes with conveniences and services, that will free future residents from the burdens of domestic life.”
Christy Hayes, CEO of Tide and Vision, said: “This partnership with global investors Precede Capital and QuadReal, secured to close The Castle JV with Outpost and Blackrock, testifies to our compelling offer. This deal demonstrates the level of quality, sustainability, and sophistication that Tide and Vision’s volumetric technology can deliver, supporting the much-needed provision of housing to the UK.”
Precede Capital was advised by Evershed Sutherland. Dalbergia provided construction due diligence for the lenders, CBRE acted on the Valuation and Longevity Partners on ESG due diligence. BlackRock and Outpost Management were advised by JLL and Simmons & Simmons.
Image provided by Hawthorn Advisors.
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