Global real estate investment manager Invesco Real Estate has partnered with UK residential developers Patten Properties and Panacea Property Development to deliver 383 build-to-rent units in Liverpool City Centre, in the North West of England.
The forward-funded development was acquired for £86 mln (€97.5 mln) for Invesco’s dedicated UK residential strategy and is expected to be build complete in June 2020.
The development at 21 Strand Street is in a prime location in Liverpool. The site was purchased in 2017 with a vacant office building on site which will shortly be demolished and will be developed into 383 BtR units, with a mix of 1-bed, 2-bed and 3-bed apartments.
'This brings to 646 the number of units we now have under construction in the UK’s North West,' said John German, senior director, Residential Investments at Invesco Real Estate. 'This not only means we are diversifying our portfolio of assets within our fund but are also excited about the opportunity to provide a “best in market” residential product for today’s rental market in one of the UK’s major regional cities.'
Neil Patten, managing director of Patten Properties and Panacea Property Development, said: 'We feel that the scheme we’ve designed on the city’s historic waterfront will set a new standard for residential accommodation for the city of Liverpool. We look forward to delivering the scheme with our chosen contractor, Graham Construction.'
Today Invesco has a total of 10 assets in its dedicated UK residential fund representing 1,689 units for a total investment of £426 mln, of which 1,109 are under construction.
