The funding, which comprises a £30m investment facility and a £120m revolving development loan, will assist the JV to build apartment blocks and houses in more affordable parts of Greater London and its commuter towns.

Project Saturn has an initial capacity for an investment portfolio of approximately 3,000 homes, with a total value of over £1bn.

The first four planned developments will be located in Barking, Walthamstow and Enfield.

The buildings are designed with strong sustainability credentials in mind — where possible, the homes will tap into local community heating networks and use photovoltaic panels.

They will be located near green outdoor areas and have access to ample cycle storage among others in order to promote sustainable living practices.

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Lee Franklin, director for structured real estate finance at NatWest, said: “The team is delighted to support two NatWest customers with a debt financing package that will help deliver much-needed homes across Greater London. 

“We are looking forward to continuing our relationship with EQT Exeter and Sigma Capital as they deliver positive change with a sustainable agenda.”

Gez O’Sullivan, property finance relationship manager at Leumi UK, added: “The Leumi UK property finance book is growing, and we are thrilled to be able to facilitate this growth with high calibre, new-to-bank customers in the form of EQT Exeter and Sigma Capital. 

“They both have a fantastic reputation and their JV strategy for providing sustainable and affordable homes aligns with our own ambitions in the market. 

“What is more, we are very happy to be working with the team at NatWest again to continue to deepen our already strong relationship as lenders.”

Peter Shacalis, managing director for UK investment and asset management at EQT Exeter, commented: “We are thrilled to be investing into the London residential market — one with a severe supply shortage of professionally managed, high-quality, good value homes to rent — with Sigma Capital, and we are grateful for the continued support of NatWest and Leumi UK.”

Graham Barnet, CEO at Sigma Capital, stated: “We are delighted to be expanding our delivery of new rental homes in the UK with our London-focused JV with EQT Exeter, and we are very pleased about the flexible financing package that allows us to execute our business plan.”