Sable Capital, a UK real estate company focused on the living sector, has acquired a residential development site in London's Nine Elms, using funds from its recently raised UK BTR fund which has £255 mln (€292 mln) of equity commitments.
Sable Capital is targeting build-to-rent investments in multi-family, single-family and senior living across the UK.
The newly established vehicle has acquired the freehold of Apex 1, a residential development site within London’s zone 1 from Vinci St Modwen (VSM), a 50/50 joint venture between Vinci UK Developments Ltd and St Modwen Developments Ltd, and Covent Garden Market Authority in Nine Elms.
The site benefits from detailed planning consent for a 26-storey tower incorporating 201 private homes, as well as 5,242 ft2 (487 m2) of ground-floor retail space and 27,631 ft2 of amenity space, including a podium garden. Adjacent to New Covent Garden Market, Britain’s largest fruit, vegetable, and flower market, it is 150 metres from the new Nine Elms Underground station with fast connections to the City and West End. Galliard Construction will deliver the project under a turnkey contract.
Hugo Black, partner at Sable Capital, said: 'While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record. London remains chronically undersupplied with delivery of new homes currently 60% below the London Plan target. This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station.'
Sable was advised by BCLP and Cushman & Wakefield; Savills advised VSM; Deloitte advised Covent Garden Market Authority.
