Mitsubishi Estate funds £250m Croydon regen

Mitsubishi Estate has agreed to fund a £250m regeneration project next to East Croydon station in south London. It made the investment on behalf of an account managed by Europa Capital. The scheme from developer Menta comprises two 25-storey towers with 338 flats and 20,000 sq ft of commercial space, designed by Make Architects. It will include 118 affordable homes to be managed by housing association Clarion. The acquisition follows its UK build-to-rent debut in partnership with Europa last year, when it agreed to forward fund Galliard’s scheme in Nine Elms, SW8. Yuichiro Shioda, managing director and CEO of Mitsubishi Estate London, said: “Utilising Europa Capital’s expertise in this sector has enabled us to invest in an area of the market that is supported by strong fundamentals.” Hugo Black, partner at Europa Capital, added: “Demand for affordably priced residential assets in London, where demand has outstripped supply for some time, remains robust despite the impact of Covid-19. “The sector has held up well over the last few months and we believe that high quality, professionally managed and well-serviced buildings with a range of amenities will become more attractive as more people spend more time working from home.” Mitsubishi Estate is a principal shareholder of Europa Capital. Since 2012, Europa has acquired more than 9,670 student and BTR beds across Europe with a total investment volume of €1.2bn (£1.1bn). Europa Capital was advised by Cushman & Wakefield. Colliers advised Menta.   To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette