Savills Investment Management is buying two sites in London for its prime residential fund.
The manager agreed to buy 45-53 Putney High Street and 329-339 Putney Bridge Road in a joint venture with Trust Real Estate.
The sites are being bought for the company’s Prime London Residential Fund II (PLRDF II), which invests alongside developers.
The scheme is expected to generate a gross development value of more than £100m (€126.2m).
The site currently includes retail, restaurant and office space.
Savills IM said that, while its first PLRDF fund focused on prime central London, the second fund is seeking to capitalise on a shortage of housing stock in the UK capital.
It said the fund was targeting mid-market residential developments in select locations, aiming to deliver a net 15% return to investors.
The fund has four other residential development sites in London, taking Savills’s current residential development pipeline for both funds to more than £500m.
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