Real estate investors Amro Partners and Flemyn have acquired a UK site to develop a £200m (€232.8m) build-to-rent (BTR) project.
The two companies have partnered to buy the Croydon Park Hotel in Croydon, South London for the project which will deliver 600 new BTR units with shared amenities including roof terraces, lounge areas, co-working spaces, a gym/wellness centre and cinema room.
Construction is anticipated to begin in spring 2023 with a completion date in 2025, after which the project will be managed by Amro’s operational platform, Amro Living.
Raj Kotecha, co-founder and managing director of Amro Partners, said: “Croydon is a proven location for build-to-rent and we are focused on delivering a market-leading Net Zero Carbon - or better - asset that will set a new standard for purpose-built rental housing in the town.
“There’s strong and growing demand among Croydon’s young professional population for high quality rental accommodation in a ‘live, work, play” setting and we look forward to working with our JV partner Flemyn LLP to deliver this exceptional new landmark building.”
Luigi Gatti Bonati and Mark Valentine, founders of Flemyn, said: “We are very excited to be partnering with Amro and working closely with Croydon Council to deliver a new best in class project that will be pushing the envelope in terms of sustainability and creating inclusive and high quality living in this vibrant community.”
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