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BentallGreenOak backs Scottish BTR scheme with £80 million financing

BentallGreenOak has provided an £80m (€91m) loan to help Apache Capital Partners and Harrison Street finance the construction of a build-to-rent (BTR) scheme in Scotland.

Apache Capital and Harrison Street said they have secured the debt funding to finance the construction of Holland Park on the site of the former Strathclyde Police headquarters in central Glasgow.

The 433-home development is the fifth investment to be brought forward in the Apache Capital and Harrison Street joint venture and will be developed and operated by Moda Living. Start on-site for the first phase is due shortly, with practical completion expected in late 2023.

BentallGreenOak, which had in the past helped fund a number of site acquisitions by Apache Capital in cities across England and Scotland, has also previously provided construction financing for Harrison Street and Torsion Developments’ 290-studio student accommodation scheme in Birmingham.

Jim Blakemore, global head of debt at BentallGreenOak, said: “Against the backdrop of pandemic-related uncertainty we are seeing across the real estate market, build-to-rent continues to perform well, and we are delighted to be supporting a best-in-class product that Apache Capital, Harrison Street, and Moda Living have created.

Source: realassets.ipe.com on 4 February (https://realassets.ipe.com/news/bentallgreenoak-backs-scottish-btr-scheme-with-80m-financing/10050517.article)