Octopus Real Estate, part of Octopus Investments and a leading UK specialist real estate lender and investor, has provided a development loan of £53.5m to deliver 278 apartments in Birmingham from the ground up.
The loan provided to Investin PLC will finance the construction of 278 apartments, of which 75 will be one bed and 203 will be two bed.
This scheme will provide a large number of much needed high-quality homes to the local area, and will form part of the Birmingham Southside wider regeneration programme. The programme, led by Birmingham City Council, is set to improve links from New Street Station to Southside district, and to develop the wider area with cycle routes, accessible pathways and flexible public spaces.
Nick White, Head of Development Origination, Octopus Real Estate, commented:
“The development lending team at Octopus Real Estate been focused on supporting quality developers that have a passion for supplying top-of-the-range homes. We are pleased to be working with Investin PLC, as they embody these qualities and share our mission to help to solve the UK’s housing shortage by providing quality, sustainable homes for all stages of a person’s life.
“By repurposing brownfield land, we are working together to revive a disused site, whilst also protecting the green local area. This is vital for stimulating growth and helping the local area reach its full potential.”
Roger Lal, Director, Investin PLC, concluded:
“As planning and regeneration specialists, we actively seek out and act on only the very best development opportunities. We place great emphasis on delivering quality homes of the highest order, so it’s great to be able to work with a lender who is so aligned with our own mission.”