M&G Real Estate is to finance the development of 148 Build-to-Rent homes in Montrose Crescent, a minute’s walk from Wembley Central Station in North London.
Sunbel Development Limited will develop the scheme, which is anticipated to be ready for residents by 2019.
The £67 mln (€76 mln) deal was made on behalf of M&G Real Estate’s UK Residential Property Fund.
The announcement follows the recent completion of M&G Real Estate’s Rehearsal Rooms at North Acton; the first institutionally funded Build-to-Rent scheme to complete in modern times.
'This is our eighth funding deal in three years to finance much needed homes catering for a range of demographics,' said Alex Greaves, head of Residential Investment at M&G Real Estate. 'We have had an overwhelming amount of enquiries for The Rehearsal Rooms, which is almost fully let, reflecting the call for professionally managed homes in well-connected areas across London.'
He added: 'This strong demand presents long-term growth potential and considerable diversification benefits for investors. M&G Real Estate has a substantial residential development pipeline which offers a major opportunity for institutional investors looking to capitalise on the UK residential sector.'
