UK build-to-rent developer and investment and asset manager BlueCastle Capital has acquired a former retail property in Birmingham for residential conversion.
BlueCastle has acquired the former Marks & Spencer store on Birmingham’s High Street from the British retailer for an undisclosed amount.
BlueCastle said it expects the residential-led development to be part of the seed portfolio for its UK build-to-rent fund.
Ed Williams, CEO of BlueCastle Capital, said: “This is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the UK’s fastest-growing cities. Our vision is to deliver an outstanding build-to-rent scheme that sets a new benchmark for quality, sustainability and urban living.
“Birmingham’s connectivity, culture and momentum make it a key city for our long-term strategy, and the site’s strategic location next to the HS2 terminus makes it a critical piece in the city’s regeneration puzzle.”
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