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.”
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