Get Living, the UK’s leading build-to-rent operator of large-scale residential neighbourhoods, has successfully finalised a £150 million refinancing of Portlands Place at its flagship neighbourhood, East Village in Stratford.
The financing marks the company’s first funding deal with global investment manager PGIM Real Estate and reflects market confidence in Get Living and London’s build-to-rent (BtR) market in the context of challenging economic conditions.
Portlands Place launched in August 2022, delivering 524 new high-quality homes and market-leading amenities, including a gym and spin studio, a screening room, co-working space, dining room and roof gardens. Its unique resident offering, accompanied by the extensive public realm and wider retail offer at East Village, has ensured that Portlands Place is highly popular with residents. The building was 80% occupied by the end of 2022, and is now at 97% occupancy.
The financing, which was provided by PGIM Real Estate’s European senior debt platform, contributes to Get Living’s well-balanced debt profile and strong financial position. In April of this year, it was announced that Australian superannuation fund Aware Super had entered the UK’s BtR market with the purchase of a 22% stake in Get Living. Aware Super joined Get Living’s other long-term institutional investors, APG and DOOR.
Dan Greenslade, Chief Financial Officer at Get Living, said: “This £150m refinancing deal with PGIM is a real vote of confidence in Get Living and the wider BtR sector, at a time of wider market uncertainty. Portlands Place raised the bar for rental living and it’s combination of new, furnished homes and exclusive resident amenity space has seen consistently high demand since the scheme launched. We look forward to working with our new partner PGIM moving forward as we continue to deliver an exceptional resident experience.”
James Mathias, Senior Portfolio Manager for PGIM Real Estate, said: “Despite near-term volatility, our conviction in the structural dynamics of the UK rental market and Stratford remain strong, especially given the limited options for tenants seeking high quality homes with exceptional amenities both inside and outside the building. We are delighted to begin our partnership with Get Living, the leading provider for BtR in the UK.”
In addition to its three operational neighbourhoods at East Village in Stratford, Elephant Central in London and New Maker Yards in Salford, Get Living has a secured pipeline of an additional 6,500 homes in major urban centres across the UK, including Birmingham and London.
– Ends –
Further information for Get Living contact: [email protected]
Further information for PGIM Real Estate contact: [email protected]
Get Living is the UK’s leading build to rent investor, developer and operator. We provide quality rental homes in neighbourhoods that nurture togetherness, belonging and opportunity in a way that generates financial, environmental and social value for residents and shareholders alike.
Since the business was founded in 2013, Get Living’s portfolio has grown to 4,000 homes for rent across three neighbourhoods: East Village and Elephant Central in London and New Maker Yards at Middlewood Locks, Manchester. Further neighbourhoods are planned or under construction in Lewisham, Maidenhead, Birmingham, Leatherhead, Leeds and Glasgow delivering 6,500 homes; with ambitions to grow the portfolio to 12,500 homes within the next five years.
With $210 billion in gross assets under management and administration ($133 billion),1 PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum.
PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,2 and the local experience of professionals in 35 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that strive to ignite positive environmental and social impact, while pursuing activities that seek to strengthen communities around the world. For more information visit pgimrealestate.com.
1 As of June 30, 2023, net AUM is $133B and AUA is $49B.
2 Includes legacy lending through PGIM’s parent company, PFI.