Long Harbour is acquiring a London build-to-rent (BTR) project on behalf of its joint venture with Canadian investors Public Sector Pension Investment Board and Cadillac Fairview/Ontario Teachers’ Pension Plan.
The specialist real estate investment manager and developer has agreed to forward purchase a 370-home development in Beaufort Park, Colindale, North West London.
It is the latest investment for the Long Harbour Multi-Family Joint Venture 2, which targets multifamily developments of more than 150 units in London, the Southeast and select regional cities in the UK.
All of the joint venture’s properties are operated by the Way of Life management platform.
James Aumonier, chief operating officer at Long Harbour, said: “Having launched two assets this year, we are delighted to announce the acquisition of Beaufort Park and add this to our best-in-class portfolio.
“This demonstrates our ongoing conviction in the UK multifamily sector and London as a global hub. BTR will be vital to the supply of housing for the next 10 years, and we continue to work with partners in delivering high quality homes for rent.”
The homes will form the final phase of the wider Beaufort Park masterplan. Beaufort Park was once part of the RAF Hendon Aerodrome and prior to that was one of the first civilian airfields.
Long Harbour is partnering with St George, a subsidiary of The Berkeley Group that specialising in reviving brownfield regeneration sites.
Piers Clanford, chairman of St George, said: “We are delighted to be partnering with Long Harbour to deliver the final phase of the Beaufort Park masterplan and bring more high-quality homes, jobs and opportunities to the Colindale community.
“At The Berkeley Group we believe regenerating brownfield land, like this former aerodrome site, is the most sustainable way to solve the housing crisis, strengthen local communities and re-energise our towns and cities.”
The scheme will include over 10,000sqft of private amenity with a focus on well-being, community and private green spaces. Construction is underway with a phased handover scheduled in 2025 and 2026.