Cortland enters Brum BTR with The Square

Cortland has made its first acquisition since entering the UK five years ago, with investment partner Harrison Street. The pair have bought a £100m build-to-rent scheme in Birmingham’s Broad Street, with senior debt provided by AllianceBernstein. Local developer Taylor Grange bought the site last year and secured planning consent for 440 homes in a scheme designed by architects Corstorphine+Wright. The Cortland Broad Street scheme is expected to complete in early 2023. It will comprise two blocks of six and 35 storeys and will offer 12,000 sq ft of amenity space including a gym, cinema room, bouldering wall and roof terrace. Paul Bashir, chief executive of Harrison Street’s European business, said: “Birmingham is home to the greatest concentration of businesses outside of London and is experiencing significant investment in new public transportation options, making it easier to live and work in the city.” Cortland made its UK build-to-rent debut in 2017, with the acquisition of developer Orion Land and Leisure and its 485-flat Cassiobridge scheme in Watford. In 2020, Cortland formed a joint venture with Harrison Street to fund the £129m scheme. The pair have agreed to fund a pipeline of projects valued at over £750m. The Broad Street deal follows a recent uptick in BTR investment in the city. Last week Moda Living committed a further £100m, in partnership with KKR, marking the private equity giant’s entrance to the sector and new city fringe product for Moda. Image © Corstorphine + Wright Architects To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews