A UK build-to-rent (BTR) venture involving Long Harbour, Public Sector Pension Investment Board (PSP Investments) and Ontario Teachers’ Pension Plan’s property arm, has made a £110m (€130m) investment in London.
Real estate investment Long Harbour said the £1.5bn Long Harbour Multi-Family Joint Venture 2 (LHMF 2) fund has agreed a forward purchase deal for the 204-unit development within Leaside Lock in East London.
The BTR apartments form part of the wider Leaside Lock masterplan, which aims to deliver 965 new homes in Tower Hamlets. The scheme is being delivered by The Guinness Partnership alongside development manager Danescroft.
The deal is the second investment for LHMF 2, the 20-year joint venture formed by Long Harbour, PSP Investments and Cadillac Fairview last year.
James Aumonier, COO and group head of BTR at Long Harbour, said: “This latest acquisition demonstrates clear momentum for Long Harbour as we deliver on our LHMF investment strategy in collaboration with our management platform, Way of Life.
“This further progresses our ambitious £1.5bn BTR platform alongside our JV partners Cadillac Fairview and PSP Investments.
Jon Milburn, group development director at The Guinness Partnership said: “We are pleased to have exchanged contracts with Long Harbour for the delivery of 204 homes as well as commercial space, as part of our 965 homes development at Leaside Lock, Bromley-by-Bow.
“We look forward to working with Long Harbour to complement the provision of open market, shared ownership and affordable rented homes as part of this exciting development.”
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