Posted by Priya Pandya, Partner
Royds Withy King partners with State Bank of India UK for build-to-rent refinance
Our London real estate team has partnered with State Bank of India (UK) Limited (SBI UK), a wholly owned subsidiary of the largest Indian bank in the UK, State Bank of India (SBI), to secure a £8.2M loan on a refinance of a recently completed build-to-rent development.
The real estate finance team concluded the equity release deal following the conversion of an office development in Shropshire, into 131 flats.
Partner Priya Pandya oversaw the transaction, further cementing our firm’s relationship with SBI.
The build-to-rent sector is one of the fastest growing sectors in the UK and has been very resilient to the challenges of the past 12 months. It refers to developments and homes which have been purpose-built or converted by developers or property businesses for renting.
Priya said: “The transaction was particularly complex, given the level of the loan. The commercial mindset and pragmatism of the team at SBI UK enabled us to swiftly resolve any challenges along the way. It was a pleasure to work with them to conclude a deal in a sector which is continuing to boom as demand raises for quality rental homes.”
Abhishek Sahay, Chief Business Officer at SBI UK, said: “We were enthused to enable the refinancing of the Telford development and to work with Royds Withy King. The speed and efficiency of their real estate team facilitated the smooth conclusion of the transaction, and the deal illustrates SBI UK’s position as one of the leading banks in the commercial investment loans space.”
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