UK real estate company Sable Capital has acquired a residential development site in south-west London for an undisclosed sum.
The Apex 1 residential development site in Nine Elms was acquired from from VINCI St Modwen, a 50:50 joint venture between VINCI UK Developments and St Modwen Developments, and Covent Garden Market Authority.
Sable Capital said the site was acquired on behalf of its new UK build-to-rent fund which has £255m (€295m) in equity commitments.
The site has planning consent for a 26-storey tower incorporating 201 private homes, as well as 5,242sqft of ground-floor retail space and 27,631sqft of amenity space, including a podium garden.
Hugo Black, partner at Sable Capital, said: “While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record. London remains chronically undersupplied with delivery of new homes currently 60% below the London Plan target.
“This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station. We are looking forward to working with Covent Garden Market Authority and Vinci St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station as well as delivering 201 new homes for renters in zone 1.”
Sable Capital is targeting build-to-rent investments in multi-family, single-family and senior living across the UK.
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