Cording ramps up BTR acquisitions with Leicester buy
Cording Real Estate has made its fifth acquisition from its £400m UK residential investment fund, with the purchase of Wellington House in Leicester.
The fund has agreed a £24.5m forward funding deal for the 160 apartments with Aimrok Development.
It will see the conversion of the 53,000 sq ft Wellington House, extended with new build units on the rooftop and in the courtyard.
Cording Real Estate has made its fifth acquisition from its £400m UK residential investment fund, with the purchase of Wellington House in Leicester.
The fund has agreed a £24.5m forward funding deal for the 160 apartments with Aimrok Development.
It will see the conversion of the 53,000 sq ft Wellington House, extended with new build units on the rooftop and in the courtyard.
Aimrok has planning consent for the city centre scheme and has appointed Stepnell for the build, with construction to begin this month and completion expected in the first quarter of 2022.
Cording will provide lettings and management for the completed development from its in-house PRS team.
The scheme is the fund’s second in Leicester, after acquiring the 380-home scheme at Merlin Wharf at the Waterside regeneration in 2018, which is expected to complete this year.
Charlie Miller, director of residential acquisitions at Cording, said: “Cording’s proprietary research forecasts a sustainable high demand for affordable, professionally managed accommodation in Leicester. Wellington House will provide low rise, Greenwich Village-style living that will appeal to tenants who want to live in the centre of Leicester.”
Cording’s UK residential investment fund was launched in August 2018. It has also invested in a 117-home scheme in Nottingham’s Lace Market, and last month acquired the High Street Group’s Kent Street Baths scheme of 262 flats in Birmingham.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
