A UK residential partnership between BlackRock’s private markets arm and Outpost Management is acquiring a 462-unit project in North Acton, London in a forward-funding deal.

Outpost said the partnership is buying the 32-storey The Castle scheme being developed by contractor Tide.

The 220,000sqft residential-led mixed-use scheme, due to open in summer 2025, will feature 462 co-living apartments, with 18,000sqft of amenity space across five floors.

The Castle will be operated by Outpost under its Enclave brand and is the third asset to be acquired by Outpost’s joint venture with BlackRock private markets real estate business. The venture’s previous deals include the acquisition, development and opening of Enclave KX in London in 2022, and the acquisition of Enclave Birmingham in 2023, where phased completion is expected in summer 2025.

Outpost said the joint venture, which has already invested £500m (€584m), plans to commit an additional £500m in UK residential assets. 

Troy Tomasik, founder and CEO of Outpost Management, said: “We are thrilled to have acquired this fantastic development and proud to continue our partnership with BlackRock and deliver another market-leading scheme with Tide.

“Enclave is helping to transform the UK rental market by creating pragmatic lifestyle-enabling homes that empower our residents to live their own way. We’re excited that bringing Enclave to Acton will not only provide new homes and extensive amenities for future residents but will also become a hub for the local community.”

John Fleming, chairman of Tide and its offsite manufacturing arm Vision, said: “The Castle is the second co-living scheme developed by Tide and purchased by Outpost Management, showing how volumetric construction is driving innovation in this asset class.

“We look forward to supporting our longstanding partner Outpost Management on its JV with BlackRock by delivering The Castle. This deal demonstrates the confidence in our volumetric product to deliver high-quality homes and cultivate new communities.”

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