UK real estate and asset-backed investment manager Long Harbour has raised its third Build to Rent (BTR) investment venture, securing an initial £500 mln (€580 mln) of capital which it plans to deploy in the next 24 months.
The asset manager said the new investment programme would target the development of BTR schemes comprising over 150 units in London, the South East and selected regional cities.
The schemes will be managed by its recently launched, in-house private rented sector management platform, Way of Life.
'This is another major milestone for Long Harbour as we continue to invest in the UK’s build to rent market,' said William Astor, chief executive at Long Harbour.
'Our joint venture vehicle underlines our ability to deliver high quality schemes in locations where rented accommodation is in high demand, such as Tottenham Hale.'
The first investment from the new venture will be the £70 mln forward funding of a 166-unit scheme at north London's Tottenham Hale, with developer Berkley Square Developments who were advised by Knight Frank.
The scheme will comprise 166 residential apartments, of which eight will be delivered at discounted market rent, alongside 7,969 m2 of commercial space. Residents will benefit from concierge services, shared social facilities such as a lounge and a gym, as well as a dining room and outdoor amenity space on the 13th floor.
Long Harbour launched its first BTR fund in 2013, with its strategy creating over £400 mln of assets in the sector and 1,900 units to date.
Other recent schemes have included the launch of 206 units at The Lansdowne in Birmingham, a further 297 units launching at The Wullcomb in Leicester in summer 2019, and the closing of Chatham Waters in Kent with Peel holdings in April of this year.
CBRE Capital Advisors acted as the lead placement agent for the Long Harbour multi-family venture. Bright Capital acted as the placement agent in North America, and Jade Advisors in the Middle East.
