Prospect Capital backs London Green with ￡250m real estate strategy

Prospect Capital has joined forces with established residential property developer London Green to fuel the growth of their brownfield land regeneration strategy. The joint venture company, known as Satara Group, will focus on sustainable development within the build-to-sell and co-living markets, with a mandate to deploy ￡250m over the next five years.

The joint venture between Prospect Capital and London Green will acquire underutilised land in London and the South East, which can be developed into either co-living or traditional apartment buildings. The Satara Group strategy will concentrate initially on the regeneration of brownfield land within commuting distance of London, delivering much needed affordable and sustainable housing for future residents.

Satara Group brings together London Green’s expertise in enhancing land value through the planning process with Prospect Capital’s structured finance and lending capability.?With a commitment to deploy ￡250m over the next five years, the joint venture is targeting a portfolio of 3,500 co-living beds and 1,000 build-to-sell units.

Prospect Capital is a dynamic and expanding finance group, based in Jersey with offices in London and Gibraltar. The group seeks to create opportunities through its senior management team’s extensive experience in property-backed lending and corporate finance. This combination of expertise and experience, coupled with its access to funding, enables Prospect Capital to provide specialist finance solutions across residential, commercial and development sectors. Unlike traditional lenders, Prospect Capital provides fast and effective funding solutions tailored to fit the needs of their partners and clients.

Harry Green, Director at London Green, commented: “We are delighted to be joining forces with Prospect Capital, a partner who shares our vision and understands our approach. Our relationship with Prospect Capital will allow us to identify and act on opportunities swiftly, building the pipeline that is ultimately going to deliver our five-year business plan.”

Denny Lane, Prospect Capital’s Director of Sales and Business Development commented: “At Prospect Capital, strong and successful partnerships are key to accelerating our growth within the specialist finance sector. We are very pleased to be in partnership with London Green, who have a proven track record in developing underutilised land.”

Satara Group has already acquired four sites in the past 15 months, yielding a combined 250 build-to-sell units and 260 co-living beds with a GDV in excess of ￡160m. Projects include Mitre Wharf, West London, in the centre of the 650-hectare Old Oak Common wider regeneration initiative, a mixed-use scheme proposing circa 150 apartments and circa 5,000 sq ft of commercial space, and Bromley High Street, a landmark tower and high-quality residential-led scheme with an 18-minute direct commute into Victoria which will include a rooftop bar/restaurant as well as street-level commercial space.

To find out more about Prospect Capital’s approach, ethos and opportunities, visit www.prospect-capital.co.uk or email [email protected].