Cheyne Capital Management has provided a €220.8m (£187m) senior loan to LaSalle Investment Management to finance the acquisition and construction of a Regal London mixed-use development in Wembley, London. The scheme has been acquired through a structured transaction by LaSalle’s growing Value-Add Investments business line, with Regal London retained as development manager.
The project will be completed to the highest quality and environmental standards. The site, which was the old Euro Car Parts headquarters will be transformed into 759 new homes, 35% of which will be affordable. The development will also include nearly 40,000ft² of flexible urban logistics and commercial space and a new publicly accessible green space. Residents will benefit from its desirable location close to Wembley Park Station in the Wembley regeneration area, as well as new cycle connections and pedestrian crossings.
In addition, the development will create up to 925 construction jobs and will host the second Regal London Real Estate Academy providing construction skills training and employment opportunities for those with military connections and local people. Construction is expected to begin by September 2022 and is due to be completed in 2025.
Arron Taggart, Head of UK Real Estate at Cheyne Capital, said: “As a firm, we believe that projects like this have the potential to make a powerful, positive impact on the communities they serve. Wembley has been undergoing a significant regeneration in recent years and this mixed-use scheme will build on this, providing residents with high quality and affordable homes in a desirable location, while also delivering valuable commercial space and local employment. We are confident that our partnership with LaSalle and Regal London will deliver a best-in-class development.”
Marc Eden, Investment Director at Regal London, said: “We have designed a first-class mixed-use development, using significant innovation in our construction methods and upholding our fundamental principles of sustainability. We are delighted that LaSalle has put their trust in our brand and ability to deliver our planning consent and to be working closely with Cheyne Capital once again."
Robert Fay, Director, Debt & Value-Add Strategies at LaSalle, added: “We are thrilled to be working with Regal London and Cheyne on this exciting project, which will provide much-needed amenitised affordability to London housing and fits our strategy of partnering with high calibre specialist developers across Europe.”