Greystar, a global leader in the investment, development, and management of high-quality rental housing, today announces the close of a circa £600 million debt facility, secured through a consortium of four lenders: Standard Chartered Bank (SCB), First Abu Dhabi Bank (FAB), Oversea-Chinese Banking Corporation (OCBC), and Emirates NBD (ENBD) for the Bermondsey Project, a transformative development that will provide 1,624 new homes for rent in South London. The announcement coincides with the appointment of three leading construction firms to deliver four key buildings within the project.

Construction began earlier this year, with the first homes expected to be ready for occupation in the Autumn of 2025 and the whole scheme expected to be complete in the second half of 2027. Greystar’s vision for the Bermondsey Project extends beyond just housing, with an emphasis on creating a vibrant and sustainable new neighborhood integrated into the existing local community.

The brownfield site, situated on a former biscuit factory, will be transformed to include retail, leisure, and office spaces, as well as extensive amenities for residents such as lounges, workspaces, gyms, private dining rooms, an indoor swimming pool, and expansive roof terraces.  The development will also include 338 much-needed Social Rent homes to be constructed by Aldar owned company, London Square and, once completed, owned and managed by independent provider Square Roots. These homes will play a critical role in addressing the housing crisis in London.

The buildings are targeting Home Quality Mark 4 Star for the residential spaces and BREEAM Excellent certification for the commercial areas. Additionally, the development will retain a portion of the former packing factory, which features impressive exposed concrete structures and 10-meter-high ceilings.

Mark Allnutt, Executive Director, Europe Investment Management Leader, Greystar: “This landmark development reinforces our commitment to delivering high-quality housing across all segments, from market-rent homes to social housing, while also creating new opportunities for businesses and the local community. We are pleased to have closed this debt facility and secured partnerships with leading contractors, who each bring unique expertise and a strong track record in delivering complex urban developments. Their contributions will be instrumental in ensuring that the project meets our ambitious goals, not only in delivering homes, but also creating dynamic spaces that reflect the heritage and future potential of Bermondsey.”

Barbara Richardson, Managing Director, Square Roots, said: “Our partnership with Greystar, the Mayor of London and the London Borough of Southwark demonstrates how an effective collaboration will deliver homes for social rent that are desperately needed in London. We are delighted to have been made an approved provider by Southwark and we look forward to building attractive, high quality homes at the Biscuit Factory. Our delivery partner London Square has an excellent record of providing new homes in Southwark, with the recent completion of London Square Bermondsey, which has won numerous awards for its architecture and design.”

Each contractor will bring its distinctive expertise to different aspects of the project, ensuring the successful delivery of its various components. McAleer & Rushe will handle the construction of two distinct parts of the project, overseeing both Buildings 1-5, which will deliver 359 homes split between market and intermediate rent, and Building DE, a 20-storey tower with 225 homes alongside a four-storey office space. John Sisk & Son has been chosen to build Building ST, comprising two towers of up to 36 storeys, containing 472 market-rent homes. McLaren Construction has been appointed for Building F, which will see the partial retention of the iconic former packing factory. This building will offer flexible commercial space on the lower floors and six storeys of new residential space above, adding 230 market-rent homes.