The UK arm of German investor Patrizia has completed the acquisition of Trocoll House in Barking, East London, for the development of a 28-storey tower with 198 build-to-rent (BTR) units.
This acquisition from Coplan Estates forms part of the group’s wider strategy to acquire, develop and manage BTR properties in the UK, Patrizia said. It is the second major UK scheme acquired by the group after last year’s acquisition of the First Street site in Manchester which recently received planning permission for the development of 624 units.
Patrizia plans to create a 150,000 sq ft (13,940 m2) landmark BTR tower in the heart of Barking, located just 14 minutes from Central London. The completed scheme will provide basement car parking space, three roof-top garden areas with views across London, 6,800 sq ft of resident amenities and three retail units across 12,600 sq ft.
Barking has benefitted greatly from the regeneration effect of nearby areas in recent years and it is anticipated that the population of the borough will increase by 20.8% by 2020.
James Muir, managing director at Patrizia UK & Ireland, said: 'This transaction is in line with Patrizia's UK BTR strategy of targeting urban centres with strong demographic fundamentals, whilst adding further weight to the company’s focus in the sector which now sees us managing residential investments across Europe.'
Bilfinger GVA acted for the vendor and JLL for the purchaser.
