Weston Homes has announced its first major forward funding deal with Royal London Asset Management to develop, a £110.1 mln (€131.4 mln) BTR scheme in Bracknell, UK.
Under the agreement, Royal London Asset Management will purchase the site and development from Weston Homes and enter into a development agreement to oversee the construction.
Bracknell Beeches will comprise 349 one-, two-, and three-bedroom apartments across seven buildings ranging from four to 16 stories. The scheme is designed to offer a premium living experience with amenities such as a concierge, gym, communal lounge, business suite, and outdoor terraces and gardens. It is scheduled for completion in the second quarter of 2027.
The development's prime location, just 100 metres from Bracknell train station, provides convenient access to London Waterloo in under an hour.
Bob Weston, chairman of Weston Homes, said: ‘We are delighted to have secured our first major forward fund deal with Royal London Asset Management, one of the UK’s most respected investment managers. This project underscores our commitment to delivering exceptional developments that meet the evolving needs of modern living.’
Mark Evans, head of Property & Commercial Development at Royal London Asset Management, added: ‘This collaboration with Weston Homes on the Bracknell Beeches project aligns with our strategy to expand our portfolio in the residential sector, providing our investors with strong, sustainable rental income returns. We look forward to seeing this development take shape and contribute to the growth of Bracknell’s community.’
Residential property management platform ProperTies will be responsible for managing the Private Rented Sector (PRS) portion of the development.
The acquisition in Bracknell, together with the earlier purchase of Aspire, a nine-storey apartment block in Slough, market Royal London Asset Management’s first BTR investment. The company is targeting a portfolio of 8,000 BTR units in suburban and commuter markets in the UK's largest cities, mid-sized regional cities, and district centres.
For its part, Weston Homes said it remains open to exploring additional long-term partnerships across its portfolio.
