Global investor to fund £50 million Liverpool Waters tower
Source: LBN Daily
Global investor Starlight Investments secures £45m loan to complete 31-storey residential tower in Princes Dock at Liverpool Waters.
Patagonia Place, a 31-storey tower planned for Princes Dock at Liverpool Waters
Canadian investor Starlight Investments has secured a £45m loan from Maslow Capital to complete a 31-storey residential tower on Liverpool waterfront.
Starlight, which has a North American property portfolio worth more than £20bn, is to take on Patagonia Place which is a build-to-rent scheme (BTR) with a development value of £50m. It will retain X1 as development manager.
Comprising a mix of studios and one, two and three-bedroom apartments, the scheme is being acquired by a Starlight-led institutional partnership as part of a forward purchase agreement.
Along with the purchase of two other projects in Manchester and Ashford it forms part of Starlight’s strategy to acquire UK property assets worth around £600m.
Commercial and leisure space will be catered on the ground floor of Patagonia place which will join a row of existing residential towers in Princes Dock. These include Moda Living’s £82m, 34-storey skyscraper, the Lexington, and the £21m 16-storey Plaza 1821.
It will also sit next to No 1 Princes Dock, a residential block that was completed more than a decade ago.
Daniel Drimmer, founder and chief executive at Starlight Investments, said:
“Our venture into the UK’s dynamic build-to-rent market, commencing with this landmark project, signifies a strategic expansion backed by our robust North American portfolio.
“Securing support from a trusted partner such as Maslow is a testament to the alignment between our shared goals.
“This £45m financing not only accelerates our initial expansion into the UK housing market but also strengthens our commitment to addressing the pressing housing needs in the region.”
For more information on Liverpool’s £5bn Liverpool Waters development click HERE.
For more news from LBN Daily click HERE.
