VENN PARTNERS ANNOUNCES THE PRICING OF ITS SECOND PRS BOND FINANCING      

UNDER THE £3.5 BILLION PRIVATE RENTED SECTOR GOVERNMENT GUARANTEE SCHEME 

Investment of £39.4 million will finance PRS assets owned by Quintain at its Wembley Park site and increase the range of options for tenants in the private rented sector 

The bonds sold by Venn’s subsidiary PRS Finance Plc were part of the bonds it had retained from its successful inaugural bond of £265 million that it had issued only three weeks ago 

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Investment manager Venn Partners announce that it has successfully priced its next bond under the £3.5 billion Private Rented Sector Housing Guarantee Scheme that it manages for UK Government.  It raised £39.4 million to finance PRS assets owned by Quintain, the development team behind Wembley Park. This bond sale comes as part of Venn’s inaugural bond issued just three weeks ago.

The £265 million 10 year bond, where £175 million was sold to fund eligible PRS loans, left a retained £90 million to sell at a later date to fund future loans, and it is part of this that has been sold to finance the loan to Quintain.

Quintain’s loan is being used to refinance PRS apartments in two buildings known as Emerald Gardens operated under Quintain’s Tipi brand at Wembley Park. The 141 units were leased within six months of launch and a further 415 apartments will be launched to the market under the Tipi brand over the next two years, all at Wembley Park.

Richard Green, Venn Partners commented: “We are delighted to see investor’s support for our bond programme, and to have achieved slightly tighter pricing at Gilts + 0.44%. It helps us to provide a competitive source of long term financing for the PRS market, to help support its development. The scheme has so far received applications for nearly £2 billion of loans, it remains open for new applications for another year and we encourage PRS operators to continue to apply.”

Angus Dodd, Chief Executive at Quintain commented: “It is fantastic to be part of this government programme to support PRS; we are delighted to have been awarded a share of this oversubscribed bond. We have an excellent PRS product in Tipi, from a standing start to lease up and a successfully operating business in six months is a phenomenal achievement. The refinancing will enable us to recycle capital to continue the development of Wembley Park and look ahead to the completion of our next PRS buildings in 2017 and beyond.”

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