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Sat April 13 2024

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Tide secures funding for North Acton BTR tower

27 Feb Finance has been secured for a 32-storey build-to-rent tower block in west London.

The Castle will be built from 505 factory-made volumetric units
The Castle will be built from 505 factory-made volumetric units

A deal has been done for Tide Construction to sell a planned development called The Castle in North Acton to BlackRock and Outpost Management JV. The purchasers have secured a £105.2m three-year whole-loan facility from Precede Capital and QuadReal Property Group to fund the acquisition and development.

Tide is building the 106-metre high, 32-storey tower from 505 of its Vision volumetric units. The scheme is due to be completed in just 18 months, including preparation works and the construction of a two-level basement. It is scheduled for completion in August 2025.

The scheme will comprise 462 self-contained studio apartments, with amenities including a roof terrace, cinema, library, gym, co-working space and dining rooms.

Christy Hayes, chief executive of Tide and Vision, said: “This partnership with global investors Precede Capital and QuadReal, secured to close The Castle JV with Outpost and Blackrock, testifies to our compelling offer. This deal demonstrates the level of quality, sustainability, and sophistication that Tide and Vision’s volumetric technology can deliver, supporting the much-needed provision of housing to the UK.”

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