A UK build-to-rent platform backed by Dutch pension fund asset manager APG and Qatari Diar has secured £410m (€454.5m) from Allianz Real Estate and Local Pensions Partnership.

Allianz and LPP have invested £260m and £150m respectively in Delancey Oxford Residential (DOOR), the UK residential fund co-sponsored by Oxford Properties Group and Delancey Real Estate Asset Management advised client fund DV4.

Allianz, acting on behalf of several Allianz Group companies, said it is investing the amount for a 21.5% stake in the DOOR fund.

In March this year, Swedish pension fund Alecta invested £250m in the UK build-to-rent platform.

In an announcement, Oxford Properties and Delancey said the latest investment brings DOOR’s equity commitments to £1.2bn.

The capital will be used to invest in Get Living’s existing development pipeline and for further large-scale acquisition opportunities.

Joanne McNamara, head of Europe at Oxford Properties said to have secured these significant commitments from in the current market is a strong endorsement of the quality of the Get Living platform.

”The residential rental sector has demonstrated its resilience during the pandemic and the long-term fundamentals underpinning the asset class remain unchanged.”

Kari Pitkin, head of business development for Europe, Allianz Real Estate, said: “We have a strong belief in the multi-family sector in gateway cities across the globe and the UK’s living segment is no exception.

”We are delighted to be increasing our exposure to the asset class through a market-leading, prime investment vehicle.”

Chris Rule, CEO, LPP, said: “Supporting large scale residential property projects is an important part of our investment strategy, and the Get Living platform presented the key characteristics that we look to add to our portfolio.

“This investment will support the delivery and ongoing stewardship of high-quality, affordable and professionally-managed homes. We are delighted to be contributing to the regeneration of local communities whilst also creating sustainable and resilient assets that will provide value for our pension scheme members over the long term.”

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