Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, has agreed a construction loan with AIG’s Commercial Real Estate Lending business and Homes England, the Government’s housing agency, for a £138.75 million build-to-rent (BTR) loan at Station Hill in Reading.
The loan will enable the delivery of 600 BTR private and affordable homes as part of the first phase of the transformative Station Hill mixed use development, creating a vital link from the town centre through to the train station. The development will also comprise new public realm, made possible by a substantial investment of c.£50 million in the surrounding community infrastructure. The delivery of the first phase of Station Hill marks the next step in further inward investment in Reading, acting as a catalyst for the growth of the surrounding area and contributing to its drive towards city status.
With a focus on Sustainability, Wellness and Technology that is underpinned by Lincoln’s unparalleled experience and service-led approach to design and customer experience, the first phase residential community is set to become a truly unique offering to the market and benchmark for in-town generational living.
Once fully delivered, Station Hill will provide up to 1,350 new homes, office accommodation for approximately 9,000 new jobs, lifestyle-led space for retail, cafes and restaurants, and a new pedestrian link and activated public realm between the station and the town centre, establishing Station Hill as a new district and destination for Reading.
With construction work on the wider Station Hill development already underway, the first homes in Phase one will be ready for occupation from the end of 2022. Work is also underway on phase two, which will comprise a 275,000 sq ft office building (‘One Station Hill’ – OSH), a new public square, and a link bridge through the development into the phase one residential community. Both phases of Station Hill will be ready for occupancy by 2024 and will offer a new front door for Reading, unlocking the town centre through level access from the train station.
Savills advised Lincoln MGT on the development loan.
Callum Thorneycroft, Managing Director at MGT Investment Management said:
“We are excited to be working with AIG and Homes England on the delivery of the first phase of the transformative regeneration that is Station Hill. Station Hill will deliver an exceptional mixed-use sustainable environment offering a true live-work location adjacent to Reading Train Station and the beginning of The Elizabeth Line. We are delighted to have chosen AIG and Homes England to work with Lincoln MGT to continue the momentum to deliver our renewed vision for Station Hill and to improve the way in which people visit, and live and work in this town. It will create a platform for Reading to attract investment and fulfil its potential as the true capital of the Southeast.”
John Gardiner, Managing Director at AIG Commercial Real Estate Lending business said:
“Our partnership with Lincoln MGT and Homes England at Station Hill exemplifies our long-standing experience with multifamily assets across the globe, while supporting Reading’s inward investment and the growth of the surrounding area. We look forward to seeing the Station Hill project come to life, providing much-needed mixed-use resources for Reading.”
For more information, please contact Freddie Rosen and Jonathan Desmond at Redwood Consulting: Reading@redwoodconsulting.co.uk / 0207 828 5553
Visit www.stationhill.co.uk for more information.
Visit www.LPC.com for more on Lincoln Property Company
Visit www.mgtim.com for more on MGT Investment Management
Lincoln Property Company
Lincoln Property Company (LPC) is one of the largest and most diversified real estate companies in Europe and the United States. LPC is the only U.S. real estate company to rank concurrently in the Top 10 lists of Management/Ownership of Office, Industrial and Multi-Family (BTR).
Originally entering Europe in 1989 and subsequently partnering exclusively with AIG in 1997, LPC provided the entrepreneurial, development and operational expertise responsible for building a dominant platform resulting in delivering over 27 million square feet across 50 projects in 9 major European markets.
LPC re-launched its European operations in 2016. The new entity focuses both on investment and development opportunities across all sectors.
THE COMPANY
- Founded in 1965 in Dallas, Texas
- 9000 Employees
- 200 Offices in the United States
- 2 Offices in Europe (London and Prague)
DEVELOPMENT
- £20 BLN of assets developed since 1965
- 150 MLN SQFT of commercial projects developed
- 220 000 Multi-Family (BTR) units developed
ASSET MANAGEMENT
- € 94 BLN AUM (Assets Under Management)
- 409 MLN SQFT commercial projects leased/managed.
- 200 000 Multi-Family (BTR) units under management (Second largest operator in the U.S.)
MGT Investment Management
MGT is an independent pan-European real estate investment and asset management business focused on thematic real estate strategies. Our investment approach is analytical, data driven, and guided by understanding investment cycles, market segmentation and macro demographic trends.
MGT’s current focus covers both multi-family and single-family build-to-rent residential as well as counter-cyclical residential investment in London. MGT is based in London and currently has an investment programme of over £1bn in progress in the UK including over 2,000 residential units and over 600,000 sq. ft of commercial space. MGT is backed by a series of private family offices as well as a number of globally recognised investment partners.
CallisonRTKL (CRTKL) (Station Hill’s masterplanner and residential architect)
CallisonRTKL, a global architecture, planning and design practice, began over seven decades ago and has evolved into a cultural agency to advance positive outcomes in our local and global communities. Through a human-centric design approach our team addresses the imperatives of resiliency, wellbeing and technology and their influence in the built environment.
Gensler (Office building design architect for ONE Station Hill)
Gensler is a global architecture, design and planning firm with 50 locations and more than 6,000 professionals networked across Asia, Europe, Australia, the Middle East and the Americas. Founded in 1965, the firm serves more than 3,500 active clients in virtually every industry. Gensler designers strive to make the places people live, work and play more inspiring, more resilient and more impactful.