Related Argent, one of the UK’s leading property and urban regeneration businesses, has successfully secured an £85 million investment loan from NatWest to refinance its premium Build to Rent (BtR) development, Author King’s Cross.
This significant deal marks the first investment loan for Related Argent’s rental portfolio following previous construction loans and is a major milestone in the stabilisation of the Author King’s Cross development. The loan, structured over a three-year term, highlights NatWest’s confidence in Related Argent’s portfolio and the successful performance of Author King’s Cross.
Author King’s Cross opened to residents in October 2023 and is Related Argent’s first BtR development, located within the celebrated King’s Cross estate. Since its launch, Author King’s Cross has achieved an occupancy rate of 97% in just 10 months, highlighting the appeal of its unique residential offering within the thriving King’s Cross neighbourhood.
Author King’s Cross, which has been developed in partnership with international investor, The Olayan Group and is managed by Related Argent’s in-house team, comprises three contemporary buildings providing 182 private rental homes – including 23 discounted rental homes – centred around a landscaped courtyard garden. Amenities include a residents’ lounge, home-working booths, a fitness centre, screening room, private dining room, party room, coffee and wine bar and garden kitchen opening onto the courtyard. Priding itself on outstanding service and amenities, the building has a rating of 4.85 out of 5 on verified resident reviews portal, HomeViews .
Completed within six weeks of signing Heads of Terms (HOTs), the efficient loan process for the refinancing deal reflects the strong partnership and trust between Related Argent and NatWest.
Tom Goodall, Chief Executive of Related Argent said: “We are delighted to have secured a long-term investment loan for Author King’s Cross, Related Argent’s inaugural Build to Rent development. We have a longstanding relationship with NatWest and its reputation as a trusted lending partner has allowed us to complete the loan quickly and efficiently. Over the last 15 years, King’s Cross has become one of the most compelling, interesting and desirable places to live, work, study and visit in London, making it the ideal investment proposition and destination.”
Mark Pope, NatWest Relationship Director at NatWest Group, said: “We’re happy to continue our support for Related Argent by providing an £85 million investment facility on its first completed Build to Rent scheme. NatWest has a long-standing relationship with Related Argent, supporting it in delivering a range of housing across various schemes. This facility demonstrates the bank’s firm commitment to maintaining the highest standards in the residential market and marks a major milestone in our ongoing support.”
NatWest has a near 10-year lending relationship with Related Argent, and, alongside Author King’s Cross, has provided financing for other successful schemes at King’s Cross and Brent Cross Town. Most recent among these is a £62.7m green loan secured earlier this year for the first office building at Brent Cross Town, the £8bn mixed-use park town for London that is being developed in partnership with Barnet Council.
Related Argent has a developing portfolio of over 3,000 rental homes across King’s Cross, Brent Cross Town and Tottenham Hale, with plans to expand beyond this in the future. Earlier this year, Related Argent announced a partnership with NTT UD Europe Limited, subsidiary of leading Japanese telecommunications group, for the latest phase of BtR homes at Brent Cross Town, creating over £200m in gross development value (GDV). This will be the third BtR development at Brent Cross Town, bringing the total rental portfolio to around 760 homes to date.
