Invesco Real Estate funds Birmingham BTR scheme
Invesco Real Estate today announced a £98m (€109.5m) forward funding build-to-rent (BTR) project investment in England’s West Midlands region and the acquisition of a high-street retail asset in Paris.
The manager said the 484-unit BTR project in Birmingham, known as Holloway Head, is being developed in partnership with High Street Residential and the construction of the first phase, a 17-storey building, is expected to begin later in 2019.
John German, managing director – residential investments at Invesco Real Estate, said: “Birmingham is our third major UK regional city of investment following our commitments in Liverpool and Manchester.
“Adding Birmingham to our growing portfolio is a great next step due to its positive market outlook, growing reputation as a business destination and positive rental growth outlook.”
German said Holloway Head marks the 12th asset in Invesco’s UK Residential Fund, bringing its assets under management to around £580m and approximately 2,279 units across the UK.
Gary Forrest, chairman of The High Street Group of Companies – which includes the specialist BTR platform, High Street Residential – said: “Birmingham is undergoing significant regeneration and represents a great place to invest.
“Local demand for professionally managed, purpose-built rental accommodation is rising quickly and in response, we are creating high-quality living spaces, future-proofed through the use of the latest smart technologies.”
Invesco has also bought an 860sqm store located 53 avenue Montaigne from a private vendor for an undisclosed sum.
The retail asset is located within Paris’ exclusive “Golden Triangle,” one of the most sought-after luxury retail districts in the city and is currently leased to luxury brand Saint-Laurent, the manager said.
Cristiano Stampa, managing director – transactions at Invesco Real Estate, said: “Not only is this a fantastic trophy asset, located on one of the most prestigious streets surrounded by much sought-after global luxury brands in arguably the world’s top luxury shopping destination, it also offers significant long-term upside potential.
“While it’s true that high streets around the world continue to face serious headwinds, luxury retail in the most exclusive locations is a resilient niche thanks to global attractiveness to wealthy individuals, especially from Asia and the Gulf region.”