Realstar enters £108m tie-up for second Leeds BTR scheme

Realstar has signed a £108m forward-funding deal with Hub and Bridges Fund Management for its second build-to-rent scheme in Leeds. Uncle Leeds Phase 2 is the second tie-up for the trio, following their £100m forward-funding deal in 2021. The next phase of the Canadian developer’s BTR platform will see the delivery of 488 homes. The Carey Jones Chapman Tolcher-designed scheme includes new public realm, as well as enhanced pedestrian and bicycle access to the city centre. Hub managing director Damien Sharkey said: “This deal is testament to the quality of the scheme, and to Hub’s strong track record. “Work has already started on site, and we look forward to delivering a scheme that will continue the transformation of this area of Leeds. “The BTR sector is continuing to prove its resilience in turbulent times, and we are feeling very optimistic about 2023, with further deals coming forward over the next few months.” Simon Ringer, partner and head of property funds at Bridges, said: “Our latest forward-funding partnership with Realstar is further evidence of the strong institutional demand for high-quality, highly sustainable residential assets. “Uncle Leeds Phase 2 will perfectly complement our existing scheme in Leeds, addressing the clear local demand for quality lower-cost housing and creating attractive public realm that will benefit the whole community.” Realstar vice-chairman and Uncle founder Ryan Prince said: “In the past 10 years we have continued to see demand for high-quality rentals increase. “Uncle is committed to creating neighbourhoods that benefit our residents and the local areas around them. Our newest Uncle Leeds does just that, bringing beautiful design, innovative common areas and great resident managers to an exciting area of Leeds.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Image: Hub