Invesco Real Estate has invested £73.8m (€87.5m) to forward-fund a build-to-rent (BTR) development in South East England.
The manager said its UK Residential programme will fund the Aubrey Place development in Milton Keynes.
The Aubrey Place development will include two interlinked towers of 17 storeys above ground, connected by an 11 storey link, will comprise 294 BTR units arranged as one, two and three-bedroom apartments.
The project is being developed by Packaged Living and is due for delivery in the second quarter of 2022.
John German, managing director, residential investments at Invesco Real Estate, said: “Adding Aubrey Place to our growing UK residential portfolio is ideal, thanks to Milton Keynes’s positive market outlook, growing reputation as a business destination and positive rental growth prospects.
“This asset is tailored to the local rental market and we expect it to attract young, highly educated and career-driven residents. There is strong tenant demand for BTR in this location, given limited availability of good quality residential development in the immediate area.”