Global investment manager Invesco Real Estate (IRE) has agreed a £54.5 mln (€63 mln) forward funding investment in a Build-to-Rent (BTR) residential development in South London.
In conjunction with London developer CNM Estates, IRE will construct 180 BTR residential units in the Sutton district of the city. The project will see a newly built 20-storey development called the 'East Tower' comprising 1, 2 and 3-bedroom apartments and penthouses, which is expected to be delivered in July 2018.
'We are delighted to announce our Sutton project, the most recent investment for our UK BTR strategy aiming to provide long-term income returns for our investors,' commented John German, senior director, residential investments at Invesco Real Estate (IRE). 'A fundamental part of our BTR programme is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an on-site property manager.'
The Sutton project follows IRE's recent announcement of the investment of £116 mln and management of a portfolio of 580 PRS units in Southern England with partner Platform, in addition to residential projects in Spain and Germany.
The East Tower is part of a landmark mixed-use development project called Sutton Point, in the London Borough of Sutton. The overall complex features an 80-room hotel, 59 serviced apartments, a health and fitness centre and office space.
