Edmond de Rothschild Real Estate Investment Management’s (REIM) UK private-rented-sector (PRS) fund is forward funding a build-to-rent development in Rugby for £43m (€49.6m).
Edmond de Rothschild Residential Investment Fund UK is funding the Market Quarter development at Railway expected to be completed in April 2023.
Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: “Market Quarter is very well located next to Rugby’s train station, which runs frequent services to London and Birmingham. Rugby is an attractive market town and we will provide high-quality rental accommodation at affordable levels in line with the strategy for the fund.”
Jill Simpson-Vince, Rugby Borough Council cabinet member for growth and investment, said: “While Rugby is one of the fastest-growing boroughs in the country, the changing nature of retail and the ongoing impact of COVID-19 brings challenges for the town centre. In response we are bringing forward the Rugby Town Centre Regeneration Plan and Spatial Strategy, which will create a roadmap for the regeneration of the town centre over the next 15 years.
“The Market Quarter development demonstrates market appetite to deliver residential accommodation and new public open space within the town centre, on a key site within the emerging plan.”
The Edmond de Rothschild Residential Investment Fund UK, which invests on behalf of European institutional investors, was launched in August 2018 and to date has raised equity commitments of around £260m.
The latest deal is the seventh investment for the fund. The fund’s first six acquisitions were also forward funding agreements.
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