£27m funding deal sealed for city skyscraper

A £27.2m funding deal to support the delivery of a 33-storey residential tower in Birmingham has been sealed.

Aprirose secured the three-year loan from Lloyds Bank for the 217-unit Tower 2 at its The Bank development.

The scheme is adjacent to the 189-apartment Tower 1, which was completed in June.

“We’re proud to be behind the transformation of Birmingham’s skyline as the city continues to grow, cementing itself as a major UK hub,” said Gary Jones, chief operating officer at Aprirose.

Selina Dicker, director at Lloyds Bank real estate and housing division, said: “Tower 1 was the first standalone PRS development scheme we backed in the UK.

“Our activity in the sector has grown exponentially since and we’re proud to have continued the journey with Aprirose in Birmingham for what was an even bigger and more significant project.

“PRS – or build-to-rent – provides both a place to live and lifestyle for the many thousands of people drawn to work in thriving city centres, like Birmingham.

“They want to live close to where they work and to the experiences offered by the exciting cultural events and amenities the city provides.”