Invesco Real Estate and Meyer Homes have partnered on a 255 build-to-rent (BTR) project in West London.
The forward-funded development, which closed at the end of December 2017, was acquired for a total gross investment of £107m (€86m) for Invesco’s dedicated UK residential strategy and is expected to be build complete in 2020.
James Moody, a managing director at Meyer Homes said: “Meyer Homes was set up to deliver a portfolio acquisition in 2015 of 14 projects with the capacity to deliver 3,500 new homes in London.”
The business has a diversified strategy and has two other major projects under construction and 2,500 homes in the Planning Pipeline.
“We are delighted to be working with Invesco who recognised the added value that Meyer Homes brought to the Hounslow project having gained planning consent for 293 homes and secured a contract with Bennetts to construct the buildings.”
John German, a senior director at Invesco’s residential investments, said: “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 £330m, with the London assets at 435 units.”
Hounslow Place, will consist of seven buildings of various sizes, providing a mixture of studio apartments, 1-bed, 2-bed and 3-bed apartments and 14 mews houses, as well as car parking spaces, retail units and associated residential amenity space all designed to provide a sense of community.