Specialist London residential developer London Square has obtained £200m of new funding to help it progress current and new projects in London.
The company says it has secured new debt facilities totalling £150m from Natwest, HSBC and Allied Irish Bank GB together with a £50m loan from Pricoa Capital.
The new funding indicates a degree of lender – and developer – optimism in the London housing market. London house prices have now have fallen for the fifth successive quarter in a row, due to factors such as high average prices, increased stamp duty rates particularly for investors and Brexit uncertainty.
Founded in 2010, London Square has already created a development pipeline worth over £2bn. The company focuses solely on the capital and its surrounding areas and has a target of creating 1,000 new homes each year with a strategic approach based on combining astute site acquisition, collaborative strategic partnerships and state-of-the-art design and build.
London Square targets development sizes of from 10 to 400 homes with prices from £200,000 to £4+ million, encompassing properties pitched at both high end buyers in affluent suburbs and the first time buyer market. Its latest scheme, The Glasshouse, at Caledonian Road recently launched and provides 58 one and two bedroomed apartments priced from £560,000.
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