McLaren Property has announced a £45m joint venture funding agreement with Apache Capital Partners on behalf of Apache and Tadhamon Capital’s managed Social Infrastructure investment platform. The prime Central London development, known as Paris Gardens, Southwark, SE1, comprises 253 direct let beds and is due for completion in September 2013.
McLaren currently have a growing portfolio of student accommodation schemes in London, Cambridge, Oxford and Bath with a total of over 2000 beds, and this latest agreement will allow McLaren to accelerate further development in the sector.
John Gatley, Managing Director said: “We look forward to developing a long-term relationship with Apache to inject capital alongside McLaren equity, and are already in discussion on pipeline deals.”
John Dunkerley, Managing Partner, Apache Capital Partners said: “The funding of Paris Gardens, takes Apache Capital Partners gross assets under management to approximately $140m (£90m) and we also look forward to investing further committed capital with McLaren.”
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