A £138.75 million deal has been announced between Station Hill developer Lincoln MGT, AIG and Homes England to fund 600 Build-to-Rent homes on the scheme.
The developer, a joint venture between Lincoln Property Company and MGT Investment Management, agreed the loan with AIG’s commercial real estate lending business and the Government’s housing agency for the homes, currently under construction at the southern end of the scheme leading onto Friar Street.
That phase of the scheme, the first of three, is due to be ready for occupation by the end of 2022. The following two phases are due to be ready for occupation by 2024.
Callum Thorneycroft, managing director of MGT Investment Management, said: “Station Hill will deliver an exceptional mixed-use sustainable environment offering a true live-work location adjacent to Reading train station and the beginning of The Elizabeth Line.
“We are delighted to have chosen AIG and Homes England to work with Lincoln MGT to continue the momentum to deliver our renewed vision for Station Hill and to improve the way in which people visit, and live and work in this town. It will create a platform for Reading to attract investment and fulfil its potential as the true capital of the South East.”
John Gardiner, managing director for AIG’s commercial real estate’ lending business, said: “Our partnership with Lincoln MGT and Homes England at Station Hill exemplifies our long-standing experience with multi-family assets across the globe, while supporting Reading’s inward investment and the growth of the surrounding area.
“We look forward to seeing the Station Hill project come to life, providing much-needed mixed-use resources for Reading.”
Once complete Station Hill will provide up to 1,350 homes, office accommodation for approximately 9,000 jobs, shops, cafes, restaurants and a new pedestrian link and public realm.
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