Starwood lends Get Living £365m for Elephant phase II

UK build-to-rent operator Get Living has secured a £365 million development loan from Starwood Capital Group to fund the redevelopment of the former Elephant & Castle Shopping Centre in south London. Get living said the transaction represents one of the UK’s biggest development loans of the past year.

The loan facility, which is being funded by Starwood Property Trust and Starwood European Real Estate Debt Finance is for five years and enables the second phase of the transformation of Elephant & Castle town centre to commence.

Plans include 485 homes for rent, of which 313 will be let at market rent and 172 at affordable rent. There will also be 135,000 sq ft (12,542 sq m) of shops, restaurants and leisure space, 55,000 sq ft (5,110 sq m) of workspace, a new university campus for London College of Communication, and a new Tube station entrance and ticket hall.

The first phase of the project, Elephant Central, was completed in 2017 and is owned and managed by Get Living. The third and final phase will utilise the existing London College of Communication site following its move to the new campus and will provide a further 498 new homes as well as a cultural venue.

Multiplex appointed as construction partner

The development loan from Starwood Capital comes alongside the appointment of construction partner Multiplex to deliver the Allies & Morrison-designed scheme, which is due to complete in early 2026.

“This marks a significant moment in the journey to deliver a thriving new town centre for Elephant & Castle and the local community,” Get Living CEO Rick de Blaby commented. “After extensive consultation and planning activity, construction will now start on the major redevelopment of Elephant & Castle town centre.”

Get Living’s portfolio comprises about 4,000 homes for rent in three projects: East Village and Elephant Central in London and New Maker Yards at Middlewood Locks, Manchester. The company is planning more neighbourhoods in Leeds, Lewisham, Maidenhead and Glasgow. Get Living aims to increase its portfolio to 15,000 homes within five years.