Cording secures second deal for UK PRS fund
Cording Real Estate Group’s £400m (€449.1m) UK private rented sector (PRS) fund has secured its second deal with an agreement to forward fund a build-to-rent (BTR) development.
The Cording UK Residential Investment Fund will fund a £40m BTR development in Warrington by High Street Residential.
The development will provide 362 one and two-bed apartments. Construction will commence on site this month and is expected to be completed in early 2021, the manager said.
Charlie Miller, the director of residential acquisitions at Cording, said: “The site’s location, opposite the train station and within walking distance to Warrington’s town centre is very attractive for future residents and commuters to Liverpool or Manchester.
“Our project forms part of a wider regeneration of Warrington’s Central Station and is one of the first large developments to take place in the town for more than 10 years”.
Cording Real Estate Group’s UK private rented sector (PRS) fund has secured its first deal with an agreement to forward fund a £50m (57.2m) a build-to-rent (BTR) development in the East Midlands of England.
The fund was launched in August 2018 with equity commitments of more than £100m from German institutional investors. Cording is expecting to raise an additional £150m of equity commitments from continental European institutional investors. Using leverage, the fund will have £400m.
Last month, the Cording UK residential investment fund secured its first deal with an agreement to forward fund a £50m a BTR development in the East Midlands of England.
Gary Forrest, chairman of The High Street Group of Companies, said: “We are delighted to have signed this agreement with Cording, which is further evidence that PRS is here to stay.
“Almost 19% of the UK population is renting privately and this figure is expected to grow significantly.”