UK residential developer Meyer Homes has partnered with Invesco Real Estate (Invesco) to deliver 255 Build-to-Rent (BtR) units in the London Borough of Hounslow, West London.
The forward-funded development, which closed at the end of December 2017, was acquired for a total gross investment of £107 mln (€121 mln) for Invesco’s dedicated UK residential strategy and is expected to be completed in 2020.
Meyer Homes was set up in 2015 to acquire a portfolio of 14 projects with the capacity to deliver 3,500 new homes in London. The business has two other major projects under construction and 2,500 homes in the Planning Pipeline.
The company gained planning permission for 293 homes on the Hounslow project and secured a contract with Bennetts to construct the complex, which will consist of seven buildings of various sizes.
'There has been much made of the housing crisis in London and Meyer Homes are working with strategic partners to bring homes in the pipeline forward as soon as possible through either a forward funded or sale route,' said James Moody, managing director of Meyer Homes.
John German, senior director, residential Investments at Invesco Real Estate commented: “The Hounslow Place project was the 7th asset which we acquired for the fund in 2017, and the fund’s 2nd asset in London. Today we have a total eight assets in the fund representing 1,278 units for a total investment of £330 mln. Our global investors are delighted with our swift but considered approach to the deployment of their capital into the market.'
Meyer Homes was advised by Savills Residential Capital Markets team.
