MGT Investment Management, a leading independent real estate investment and asset management business, has secured a £100M debt facility from Deutsche Bank to complete the purchase of its 92 apartments at the landmark Battersea Power Station.
MGT has just completed on the first tranche of apartments, as part of a forward purchase deal it committed to in early 2021 for a total of 92 units. The purchase represents a long-term investment in the Battersea Power Station project, with the apartments to be marketed for rent as part of MGT’s ongoing strategy to invest in high quality residential homes to rent.
The commitment from Deutsche Bank reflects further institutional level support for MGT’s focused residential investment programme, with MGT citing ambitions for further growth soon.
Henry Morris, managing director of MGT Investment Management, comments: “We are thrilled to have established this new financing relationship with Deutsche Bank, and look forward to working together on this incredibly exciting project. With the Northern Line extension now operational and an ever-increasing number of residents, retail and commercial occupiers arriving at Battersea Power Station, our purchase represents a prudent long term investment in one of the capital’s most exciting transformation projects. There is a real sense of place developing on site which will only continue to grow.
“This is our third significant investment in the UK residential for rent sector, which we believe has strong long term potential, with high levels of demand for well-designed apartments in excellent locations close to all that the capital has to offer. We have plans to aggressively expand the portfolio with further forward funding and forward purchasing of high quality residential assets for rent.”
The Grade II listed Power Station and surrounding area are being brought back to life as one of the most exciting and innovative mixed-use neighbourhoods in the world – a place for locals, tourists and residents to enjoy a unique blend of restaurants, shops, parks and cultural spaces. Apple is due to open its new London campus on site, while high street retailer Zara has just revealed plans to open a new 48,800 sq ft flagship store on the development’s Electric Boulevard later this year.