ICG-Longbow has provided a further £33 million of funding to family homes build to rent specialist, Wise Living, The funding will be used by Wise-Living to acquire and build homes on 5 sites in the Midlands and North West.
Property services group SDL established Wise Living in 2018 with funding provided by ICG-Longbow. Wise Living's objective is to acquire sites and develop high quality family housing for rent across the UK. Its goal is to create new communities and ultimately drive improved living standards, by working with local authorities, land agents and house builders.
Gowling WLG's real estate team advised Wise Living on the transaction, while a team of financial services focused lawyers from the firm advised ICG-Longbow.
The investment follows a period of significant growth at the SDL Group and an opportunity to take advantage of the housing market's move towards private rented properties. Gowling WLG has been proud to play a key advisory role in such a positive drive to raise standards within the UK's rental market, helping them match opportunity with rapidly increasing demand for both volume and high quality.
Andy Deller, Director at Wise Living said; "This additional funding is a real vote of confidence that helps us move up a gear with our plan to not just build homes, but thriving communities.
"It is well documented that there is a housing shortage in the UK, and many properties don't give families the space and comfort they need. That's why our aim is to develop communities that tenants love to call home. The new investment means we have extra funds available to work with more developers to derisk their schemes and deliver the homes that tenants across the UK are crying out for."
Kevin Crowley from ICG-Longbow commented: "We are delighted to further expand our commitment to the BTR sector and to Wise Living - and are very excited to continue to support the development of good quality and accessibly priced rental homes over the upcoming years"
Commenting, Duncan Murphy, the Gowling WLG partner who led the real estate advice provided to Wise Living, said:
"This initiative is truly helping to grow the build-to-rent market through creating a stronger foundation of properties with higher standards than ever. We as a law firm are proud to have played a role in facilitating their latest major acquisition."
Gurinder Mann, the Gowling WLG legal director who led the finance team providing advice to ICG-Longbow, echoed this:
"The complexity of the financial aspects of these types of property transactions remains high but the professionalism and commitment of both parties to their wider strategy is commendable and one that my team were proud to play a part in helping realise."