Court Collaboration picks PIC for £200m One Eastside deal
Court Collaboration has secured £200m of forward funding from Pension Insurance Corporation for its One Eastside scheme.
The deal is not only the largest single residential investment in Birmingham, but also marks PIC’s debut in England’s second city, in a scheme which will deliver the Midlands’ first official skyscraper.
One Eastside, which was approved in April 2021, comprises two buildings, including a 154m-tall, 51-storey skyscraper. It will deliver a total of 667 build-to-rent apartments, with gyms, a cinema, a sky lounge and gardens, on a site close to the new HS2 station on Curzon Street.
Court Collaboration has secured £200m of forward funding from Pension Insurance Corporation for its One Eastside scheme.
The deal is not only the largest single residential investment in Birmingham, but also marks PIC’s debut in England’s second city, in a scheme which will deliver the Midlands’ first official skyscraper.
One Eastside, which was approved in April 2021, comprises two buildings, including a 154m-tall, 51-storey skyscraper. It will deliver a total of 667 build-to-rent apartments, with gyms, a cinema, a sky lounge and gardens, on a site close to the new HS2 station on Curzon Street.
It is the first scheme resulting from Court’s jv with Sir Tony Gallagher’s family office. Gallagher is funding all of the jv’s schemes.
Construction is set to begin on site this month, with completion due in mid-2024. The contractor will be announced imminently.
Court Collaboration chief executive Anthony McCourt said: “This £200m investment by Pension Insurance Corporation confirms that confidence in the build-to-rent sector continues to grow in Birmingham.”
He added that it proved that “an SME like Court Collaboration, ably helped by financial partners such as Sir Tony Gallagher, can take on big challenges and deliver”.
Delphine Deasy, head of BTR at PIC, said: “PIC is a significant and purposeful investor in the UK’s infrastructure and housing, and I am delighted that we have now acquired our fourth build-to-rent project, investing £200m into central Birmingham.”
Court Collaboration was advised by CBRE and Pinsent Masons. PIC was advised by Addleshaw Goddard, Haalo, Savills and WSP.
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Photos courtesy of Gough Bailey Wright
