Rockspring Property Investment Managers and M&G Real Estate are investing in UK private rented sector (PRS) schemes.
Rockspring invested in a development in central Birmingham for its TransEuropean VI fund, its second PRS deal in the UK.
The Pershore Street site was sold to Rockspring and joint venture partner Atlas Residential for £50m (€65.5m).
Hallmark BY Development, a joint venture between Bouygues Development (now Linkcity) and Hallmark Investments, the current landowner, sold the site.
Linkcity will act as developer and delivery partner through Thomas Vale Construction, a Bouygues subsidiary.
The scheme, due for completion in early 2018, will include 334 apartments.
Hugh Elrington, Rockspring partner and head of UK transactions, said: “This is an exciting time for Birmingham, where we see a lot of potential emanating from socio-economic trends in the UK, with a number of high-profile companies across a range of sectors, including the professional and financial services sectors, moving significant parts of their operations there.”
M&G Real Estate, meanwhile, is investing in east London with developer Telford Homes in a £69.3m deal to finance and build 150 new private rental homes.
M&G Real Estate said the deal had been done for its £220m UK residential property strategy, which it launched in 2013 for UK and international investors.
Telford Homes will develop and contract the Carmen Street scheme, due for occupation by September 2019.
Alex Greaves, head of residential investment at M&G Real Estate, said his company had now invested in more than 1,200 units for UK and international institutional investors, including pension funds, insurance companies and local authorities.
“This deal,” he said, “adds scale and efficiency to our portfolio, brings additional homes to market and provides our investors with stable long-term income growth.”
Related Companies
- Previous
- Next
