Henderson Park and Greystar Real Estate Partners have expanded their London build-to-rent (BTR) portfolio with the acquisition of a £105.5m (€120m) development.

The joint venture is buying all 257 market rental homes within the 3.16-acre Equipment Works development site in Walthamstow from Telford Homes.

The Equipment Works acquisition is on a forward-funded basis and will comprise an initial land payment followed by regular payments throughout the construction period and a final profit payment.

The site in the London Borough of Waltham Forest was purchased by Telford Homes in December 2017 and has full planning consent for 337 new homes including 80 affordable homes and 18,830sqft of flexible commercial space.

The development is under construction and is anticipated to be completed in late 2021.

The acquisition further extends the Henderson Park and Greystar joint venture’s BTR portfolio in London to 1,000 apartments.