Macfarlanes advises Realstar on latest £42m financing from PRS Finance for UNCLE Southall development

09 July 2021

Macfarlanes has advised long-standing client Realstar on the completion of its fifth financing with PRS Finance PLC, which relates to 166 new homes for rent at its UNCLE site in Southall, West London. Over the past four years, Macfarlanes has assisted Realstar on the financing of five projects by PRS Finance PLC, with an aggregate deal value of £300m.

Realstar, a leading real estate investment and management company, develops residential accommodation for rent, managed under its UNCLE brand. UNCLE facilities include gyms, Peloton rooms, co-working space and entertainment space for residents to enjoy.

PRS Finance PLC, a subsidiary of investment manager ARA Venn, operates and manages the £3.5bn private rented sector housing guarantee scheme for the UK Government which supports the growth of the build-to-rent sector by providing long-term financing.

The Macfarlanes team for the financing was led by partner Jat Bains, supported by senior solicitor Christine Dowdall. Real estate partner Clare Breeze led the property aspects, with assistance from solicitor Elizabeth Parsons, and partner Angus Dawson led on the construction side alongside senior counsel Alex Crockford, senior solicitor Radhika Shah and solicitor Shane O’Neill.

Jat Bains comments: “It is pleasing to see the continued relationship between Realstar and ARA Venn delivering thousands of new homes and further developing the build-to-rent market, and on a personal note it was particularly exciting to be involved in a project which will help to regenerate my home town.”