McLaren Property, now headed by former Capital & Regional director John Gatley, has secured forward funding for two student housing developments. Apache Capital and Tadhamon Capital will fund Paris Gardens, a 253-bed development in Southwark, SEI.
The pair have signed a £45m funding agreement on behalf of their jointly-managed, Shariah-compliant Social Infrastructure investment arm. Apache was set up in 2008 by Paul Orchard-Lisle, John Dunkerley and Richard Jackson.
Separately, McLaren has secured £43.2m from Legal & General Property for a 368-bed scheme prelet to the University of Greenwich on a 35-year lease with annual RPI uplifts. Gatley said McLaren, which has a 2,500-bed development pipeline, would reinvest the equity in more student housing.