Natwest has secured a debt financing deal which will help Sigma Capital Grown and EQT to deliver 3,000 new homes in London.

The homes, which will have a value of circa £1bn, support the JV put in place by Sigma and EQT who also have a number of acquisitions planned over the course of the next year. They will be delivered across Greater London with a focus also on commuter towns, as they aim to create “more affordable” apartments and homes.

Their vision for the homes have sustainability at their heart – utilising local community heating networks and photovoltaic panels whilst also promoting sustainable living practices with cycle storage and green outdoor areas.

An initial £150m debt package was initially agreed between NatWest and Leumi in February, but further liquidation has now been sourced from NIBC and Allied Irish Bank to further the development finance.

Lee Franklin, director of structured real estate finance at NatWest Group, commented: “We are pleased to have sourced additional debt liquidity to continue to support EQT Exeter and Sigma Capital deliver much-needed homes across Greater London, wholly consistent with the NatWest ethos of purposeful lending.”

Peter Shacalis, managing director at EQT Exeter, said: “EQT Exeter is very pleased to have secured further funding which will help us to build affordable rental homes in London. We are delighted with our financing solution, which was designed to be scalable and help us to achieve our longer-term business plan and strategy.”

Graham Barnet, CEO at Sigma, added: “We are delighted to further expand our delivery of new rental homes, and we thank NatWest and the other institutions within the lending group for supporting organisations such as ours looking to deliver significant social impact by providing housing to renters in affordable locations as well as offering community services within Greater London and its commuter towns.”