Gatehouse completes £20 million financing for Milflats PRS Scheme
LONDON, 3 February, 2016: Gatehouse Bank plc (“Gatehouse”), the London-based investment bank, is pleased to announce the completion of a £20 million senior financing to Miflats, a leading owner and manager of private rented sector (“PRS”) residential real estate in the UK. The financing was secured against their recently refurbished PRS scheme located in the centre of Bracknell.
Trevor Homes, Head of Real Estate Finance at Gatehouse said “We are delighted to have this opportunity to support Miflats in their ambition to become a major provider of purpose build rented accommodation in the UK. This helps to further show that our Shariah compliant finance solutions are attractive to the mainstream UK commercial property community as well as our more traditional Gulf-based investor base. We are excited about our Real Estate Finance offering and look forward to announcing further transactions in the coming months.”
Graham Wood, Criterion’s Chief Financial Officer who advised Miflats on the financing said: “We are pleased to have completed this financing with Gatehouse, which reinforces Miflats’ commitment to the PRS sector. Miflats own and manage three complete and fully let PRS schemes providing 255 apartments in commuter London, with a further 1,379 units under construction and 1,145 units at planning stage. We found Gatehouse to be competitive, commercial and responsive.”
Gatehouse Bank has been named Best Investment Bank 2018 at the Global Islamic Finance Awards, in recognition of its successful Real Estate Investment Advisory and Build-to-Rent capabilities.
Gatehouse Bank has announced that it is teaming up with a leading cash deposit platform, Flagstone, in a partnership that will see the Bank’s highly competitive savings products promoted to Flagstone clients.
Gatehouse Bank has launched its first apprenticeship scheme, with six A level students taking the first step in their career in Financial Services and joining the Shariah-compliant challenger bank.