Patrizia has expanded its UK residential investment programme into Birmingham.
The UK subsidiary of the German company has bought four acres of land at the Edgbaston Stadium to build 375 rental homes.
The land was sold by Warwickshire County Cricket Club and the Homes and Communities Agency.
Patrizia said the land has a gross development value of approximately £85m, subject to planning and local consents.
A new access road will be built as part of the plans for the site, which is opposite Birmingham’s famous cricket ground and close to the University of Birmingham.
The acquisition in south Birmingham builds on Patrizia’s growing build-to-rent (BTR) strategy, which includes a mixed-use scheme in Manchester.
James Muir, managing director at Patrizia UK & Ireland, said: “We set out with a clear strategy for our UK BTR platform, which was to target urban centres with strong demographic fundamentals.
“Edgbaston is an established and thriving part of Birmingham, and this particular location has access to the best of the city, including sports, employment, entertainment and dining out.
”We are pleased to have agreed this plan with both Warwickshire County Cricket Club and the Homes and Communities Agency which is aligned with our commitment to build more UK homes.”
Karl Tupling, general manager at the Homes and Communities Agency, said: “Our partnership with Patrizia will help provide more homes for people in this popular area of Birmingham, and it is great to see a European investment manager investing in the UK housing market.”