BlackRock seals £500m BTR tie-up

BlackRock and asset manager Outpost Management have sealed a £500m joint venture to invest in the UK residential market. The tie-up between BlackRock’s European property platform and Outpost has completed the seed acquisition of a BTR scheme at 101 Camley Street, next to King’s Cross and St Pancras stations in London, from LabTech Group. The site includes 121 homes and 30,000 sq ft of flexible commercial space, set alongside Regent’s Canal. Outpost will manage the property on behalf of BlackRock under its new residential platform. King’s Cross-based registered social landlord Origin Housing will lease part of the scheme. James Halstead, director at BlackRock European Real Estate, said: “As workers return to cities following the pandemic, we see high-quality residential sites in prime locations as an opportunity. Camley Street is set to benefit from tenants’ desire for easy access to the burgeoning life sciences and technology scene in King’s Cross, nearby parks, and amenities.” Troy Tomasik, Outpost’s founder and chief exective, described the site as “arguably the most important prime residential asset to come onto the central London build-to-rent market”. Simmons and Simmons and Hollis and Colliers acted on behalf of the jv. See also: Argent Related seeks £300m for BTR pair To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews Image courtesy of PR