Long Harbour to forward-fund Brum PRS
Long Harbour has agreed a joint venture partnership with Seven Capital to forward fund a 206-home private rental scheme in Birmingham.
The Lansdowne, at 2 Hagley Road, received full planning in 2015 for a 16-storey scheme purpose-built for the rental market.
It is due for completion in 2019, with Interserve appointed as preferred contractor.
Long Harbour has agreed a joint venture partnership with Seven Capital to forward fund a 206-home private rental scheme in Birmingham.
The Lansdowne, at 2 Hagley Road, received full planning in 2015 for a 16-storey scheme purpose-built for the rental market.
It is due for completion in 2019, with Interserve appointed as preferred contractor.
Long Harbour will fund the development of The Lansdowne through the Long Harbour Income Fund, its £214m institutional fund focused on delivering homes for rent. The fund has now acquired more than £250m of residential property across 1,200 units, and has substantial further capital to invest.
The scheme could have a GDV of around £40m.
Knight Frank advised on the sale.
Mark Evans, head of regional residential development at Knight Frank, said: “The confirmed funding is one of the first residential forward funding agreements to take place in the city and will facilitate the construction of high-quality, purpose built rental accommodation.”
A number of high-profile rental developments have been announced in Birmingham. Apache and Moda Living are to develop 450 units on Broad Street, while LaSalle Investment Management has struck a £100m deal with Nikal for 603 flats at Exchange Square.
See also:
Moda and Apache announce major Birmingham project
LaSalle IM announces £100m funding deal for Brum’s Exchange Square
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