Invesco Real Estate has expanded its UK build-to-rent (BTR) program by forward funding a development programme in Liverpool.
Invesco said it has partnered with residential developers Patten Properties and Panacea Property Development, to deliver 383 BTR units in Liverpool City Centre, in the North West of England.
The forward-funded development was acquired for around £86m (€97.5m) for Invesco’s dedicated UK residential strategy and is expected to be build complete in June 2020.
The development site at 21 Strand Street was purchased in 2017 with a vacant office building on site which will shortly be demolished and will be developed into 383 BTR units, with a mix of 1-bed, 2-bed and 3-bed apartments, parking and bicycle facilities with associated residential amenities.
John German, a senior director of residential investments at Invesco, said: “After completing nine acquisitions in 2017, we’re delighted to demonstrate our continued pipeline of opportunities within the BTR sector with this acquisition in a major UK regional city and the 10th acquisition for our dedicated fund.”
German said this brings to 646 the number of units it now has under construction in the UK’s North West.
Invesco currently has a total of 10 assets in its dedicated UK residential fund representing 1,689 units for a total investment of around £426m, of which 1,109 are under construction.