The loan was provided under ARA Venn’s UK government-backed £3.5bn Private Rented Sector Housing Guarantee Scheme.

ECE has acquired the portfolio of 2,063 units of build-to-rent residential accommodation located in the centres of key regional cities, Birmingham, Leeds and Manchester. The properties have been acquired from Dandara, the build-to-rent developer and property manager. This marks ECE’s first investment into the build-to-rent market. ECE will be responsible for management of the developments in partnership with Dandara.

This is a landmark transaction in UK PRS, and one of the largest financings to date under ARA Venn’s Private Rented Sector Housing Guarantee Scheme.

The Macfarlanes team was led by real estate finance partner Colin Morgan alongside senior solicitor Lizzie Chamberlain and solicitor Christine Dowdall. Advice on the real estate aspects was provided by partner Clare Breeze and solicitor Emily Walker and construction advice by partner Angus Dawson and senior solicitor Alex Crockford. 

Colin Morgan comments: “Macfarlanes are delighted to have supported ARA Venn on another important financing. This financing for ECE was a landmark transaction for ARA Venn and for all others parties given the size and complexity and also because the completions took place during “lockdown”.”