£82.5m green loan secured for Acton Portal

Developer O’Shea, in partnership with investment firm PLACE, has secured an £82.5 million green loan from NatWest to support the development of a 36-storey Build to Rent (BTR) tower in North Acton.

The scheme, known as Portal, will deliver 350 purpose-built rental apartments and forms part of the wider Old Oak and Park Royal Opportunity Area—London’s largest regeneration zone. Construction is already well underway, with the building’s structural frame reportedly halfway complete.

The funding agreement marks a significant milestone for the project and is structured as a green loan in recognition of its sustainability credentials. The development is targeting a minimum Energy Performance Certificate (EPC) rating of B and a 4-star Home Quality Mark for its residential units. Additional fire safety measures include dual cores, evacuation lifts and pressurised smoke systems.

“We are pleased to have worked again with the capable teams at O’Shea and PLACE and look forward to seeing the scheme progress over the next couple of years,” said Michael Goode, Director and BTR Lead at NatWest. “The commitment to sustainability, and therefore ability to structure this as a green loan, is testament to the quality of what is to be delivered.”

Portal is scheduled for completion in 2027 and will include three roof terraces, extensive ground-floor retail and leisure space, and a range of tenant amenities. A rooftop wellness centre will occupy level 35, while level 10 will house coworking and leisure facilities opening onto two adjoining roof terraces. Interior and amenity design concepts have been developed by Fossey Arora.

The project’s location offers access to both the Central and Elizabeth lines and is positioned near Imperial College’s WestTech corridor, an emerging cluster of life sciences and technology-focused developments. O’Shea’s Executive Chairman Rory O’Connor described the area as “an increasingly attractive neighbourhood,” citing growth in commercial and residential uses as well as the future arrival of HS2.

PLACE’s Investment Director Mark O’Connor noted the loan was secured amid a difficult financing environment, with construction starts down 38% year-on-year. “This achievement is testament to the strength and commitment of the deal teams involved,” he said. “We envisage Portal to be an exciting prospect for the institutional BTR market at a time when completions of comparable buildings will be relatively low.”

Advisers on the deal included TRST Advisory, Gunner Cooke, Howard Kennedy, and Chatham Financial for O’Shea and PLACE. NatWest was advised by Addleshaw Goddard, JLL, Gardiner & Theobald, and Howden Group.