BlackRock has formed a joint venture with real estate manager Outpost to invest £500m (€582m) in UK residential assets.
The newly created venture has acquired 101 Camley Street as seed asset from LabTech.
The asset was acquired vacant on practical completion of the residential units. 101 Camley Street, located adjacent to King’s Cross and St Pancras stations, comprising 121 residential units along with 30,000sqft of flexible commercial space.
Outpost will operate the property on behalf of BlackRock’s European Property platform under Outpost’s new residential platform.
James Halstead, director, BlackRock European Real Estate, said: “Camley Street is set to benefit from tenants’ desire for easy access to the burgeoning life-sciences and technology scene in King’s Cross, nearby parks, and amenities.
“As competition for residential units intensifies, this acquisition demonstrates our continued ability to source attractive deals and we’re thrilled to partner with Outpost.”
Troy Tomasik, Outpost Management founder and CEO, said Camley Street is arguably the most important prime residential asset to come onto the central London build-to-rent market.
Securing this site in partnership with BlackRock is a huge achievement for Outpost and is an “important step for us as we build a market-leading rental housing platform in Europe”, said Tomasik.
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