Edmond de Rothschild Real Estate Investment Management (REIM) has bought its second UK build-to-rent residential development.
The manager, on behalf of the Edmond de Rothschild Residential Investment Fund UK fund, has forward funded the Merlin Wharf residential development in the Waterside regeneration area of Leicester for £60m (€69.2m).
The development, located in Bath Lane by the River Soar, comprises 384 one and two-bed apartments.
Tim Holden, co-head of residential in the UK and director of residential development and asset management at Edmond de Rothschild REIM, said: “We are delighted to have completed the fund’s first build-to-rent investment. Leicester has a high demand for affordable new build-to-rent accommodation in line with the fund’s strategy.
“Its population is forecast to grow at a rate in excess of the national average, while the current supply of rental stock in Leicester is limited and relatively dated.”
The Edmond de Rothschild Residential Investment Fund UK was launched in August 2018 and to date has raised equity commitments of around £260m, with further equity being raised, from European institutional investors.
The fund invests in the private rented sector on behalf of European institutional investors.
The fund’s other four acquisitions were also forward funding agreements - Wellington House in Leicester, a site in the Stadium Quarter regeneration area in Warrington, a site in the Lace Market area of Nottingham and part of the site of the former Kent Street Baths in the centre of Birmingham.
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