Long Harbour, a specialist real estate investment, development and management firm, has agreed to forward purchase a 204-unit build to rent (BTR) development within Leaside Lock in East London for £110 mln (€129 mln).
The acquisition forms part of The Long Harbour multi-family joint venture 2 (LHMF 2) in collaboration with PSP Investments and Cadillac Fairview. The fund has a firepower of around £1.5 bn in total.
James Aumonier, chief operating officer and group head of BTR at Long Harbour, said: 'This latest acquisition demonstrates clear momentum for Long Harbour as we deliver on our LHMF investment strategy in collaboration with our management platform, Way of Life.
'This further progresses our ambitious £1.5bn BTR platform alongside our JV partners Cadillac Fairview and PSP Investments.'
The BTR element of Leaside Lock offers a modern collection of Studio, one, two and three-bedroom apartments in Zone 2’s Bromley-by-Bow, E3.
The development is just a short walk from the River Lea, surrounded by independent shops and bars. The scheme will launch in the first half of 2023.
The BTR apartments forms part of the wider Leaside Lock masterplan, which aims to deliver 965 new homes in Tower Hamlets. The scheme is being delivered by The Guinness Partnership, one of the largest providers of affordable housing and care in England, alongside development manager Danescroft.
Knight Frank advised Long Harbour and CBRE advised Guinness.
