Gatehouse Bank (the “Bank”), the London-based Shariah-compliant bank, is pleased to announce that it has been selected as joint winner in the RESI Awards for the ‘Private Rented Sector (PRS) Deal of the Year’ 2013, following its joint venture with Sigma Capital Group plc (“Sigma”), the residential and urban regeneration specialist, in November last year.
The Bank’s £700m joint venture with Sigma will support the roll-out of an initial c. 2,000 new privately rented residential properties in the UK, with the potential to grow the portfolio to c.6,600 new rental homes once fully developed.
The annual awards ceremony is organised by Property Week and brings together many of the industry’s key players to celebrate the growth and success of the residential property sector. The judging for the awards was undertaken by some of the most influential and respected names in the industry. The event took place at the Grosvenor House Hotel, Park Lane, London on Wednesday 14 May, 2014.
Commenting on the award, Scott Nicol, Vice President of Real Estate for Gatehouse Bank, said:
“Winning this award is a great achievement. The RESI Awards are highly regarded by the industry and we’re extremely pleased to be sharing this sought-after title with Sigma Capital. Expanding into the UK residential market marks a significant milestone for the Bank and we’re delighted that our joint venture with Sigma has earned us this recognition from our industry peers.”
“Supply and demand for UK privately rented homes has become an increasingly important topic for the industry over the past few years. We look forward to working closely with Sigma to help fill the prominent gap in the UK’s rental housing market and are thankful for the opportunity to partner with such a distinguished market leader.”
Graham Barnet, CEO of Sigma Capital Group plc, said: "We are delighted to have won this award with Gatehouse Bank. This was an innovative and complex deal and Gatehouse shared our vision throughout the process. The scheme has the potential to create one of the largest new-build privately rented residential portfolios in the UK, providing quality homes in areas of the country where rental housing is in extremely short supply. I would like to thank Gatehouse for their continued support and we look forward to working together in future.”