Long Harbour funds £110m Tower Hamlets BTR
Long Harbour is to forward purchase a 204-home build-to-rent development in east London for £110m – the second deal for its £1.5bn jv with Canada’s PSP Investments and Cadillac Fairview, the real estate arm of the Ontario Teachers’ Pension Plan.
Leaside Lock, located in Bromley-by-Bow, E3, will offer a range of studio, one, two and three-bed flats. The scheme will open in early 2023.
It is being delivered by The Guinness Partnership alongside development manager Danescroft.
Long Harbour is to forward purchase a 204-home build-to-rent development in east London for £110m – the second deal for its £1.5bn jv with Canada’s PSP Investments and Cadillac Fairview, the real estate arm of the Ontario Teachers’ Pension Plan.
Leaside Lock, located in Bromley-by-Bow, E3, will offer a range of studio, one, two and three-bed flats. The scheme will open in early 2023.
It is being delivered by The Guinness Partnership alongside development manager Danescroft.
The Long Harbour Multi-Family Joint Venture 2 vehicle, which was set up in 2019, targets high-quality BTR schemes of more than 150 homes in London, the South East and regional cities.
The jv previously bought a 495-home BTR development in Walthamstow, E17 from Capital & Regional.
Both of Long Harbour’s BTR developments will be overseen by its in-house management platform, Way of Life.
James Aumonier, chief operating officer and group head of BTR at Long Harbour, said: “This latest acquisition demonstrates clear momentum for Long Harbour as we deliver on our LHMF investment strategy in collaboration with our management platform, Way of Life.
“This further progresses our ambitious £1.5bn BTR platform alongside our jv partners Cadillac Fairview and PSP Investments.”
Long Harbour’s development will be part of the wider Leaside Lock masterplan, which aims to deliver 965 new homes in Tower Hamlets. This phase of the masterplan will deliver 13,000 sq ft of residential amenities alongside a further 20,000 sq ft of retail space.
Knight Frank advised Long Harbour and CBRE acted for Guinness.
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