Telford Homes signs £300m BTR forward funding deal

A joint venture between Ridgeback Group and Angelo Gordon has provided £300m of forward funding to Telford Homes for three build-to-rent developments across London. The deal will provide more than 750 BTR homes at Capital Interchange Way in Brentford, Mill Road in Ilford and the former Metroline Bus Garage in Alperton. The jv will forward-fund 223 homes at Capital Interchange Way, Telford Homes’ first BTR project in Brentford, and the development will include 197 affordable homes, 45,000 sq ft of commercial and retail space, and improvements to the public realm. The acquisition includes 211 BTR homes and 12 discounted market rent homes, a residents’ gym, a lounge and co-working space spread across the ground and top floors of the development, along with gardens and terraces above a first-floor podium. The development is being delivered by a jv between Telford Homes and Catalyst by Design, a wholly owned subsidiary of Catalyst Housing. Construction on site commenced at the start of 2023. At Mill Road in Ilford the jv will forward-fund all 239 homes in the BTR development. The acquisition includes 162 BTR homes, 55 discounted market rent homes and 22 London living rent homes – all of which will be owned and managed as a single community by Ridgeback – alongside more than 4,000 sq ft of residents’ amenity space throughout the building. Construction will commence in February 2023. The Alperton Bus Garage project is a bespoke development of 306 BTR homes along with a residents’ lounge, gym, co-working areas and more than 12,000 sq ft of residents’ gardens, terraces and children’s play space at podium level. The development will also deliver 155 affordable homes, which have been acquired by Greenstone. The scheme will deliver 27,400 sq ft of light industrial and last-mile logistics space, known as Alperton Yard, aimed at supporting start-ups, small businesses and those in the creative industries. This area is also being acquired by the jv at completion. Demolition commenced in February 2022. [caption id="attachment_1170090" align="aligncenter" width="847"] Capital Interchange Way, Brentford[/caption] Charlie Weatherill, capital markets director at Telford Homes, said: “Angelo Gordon and Ridgeback share our vision to create high-quality, sustainable rental communities that will deliver enduring value for communities, residents and investors. “This deal is an important step forward in our strategy to scale our build-to-rent pipeline and become the go-to partner for high-quality rental accommodation in the capital and beyond.” George Bossom, partner at Ridgeback Group, added: “This acquisition demonstrates our continued appetite for investment in London and our objective to deliver high-quality homes for rent across the country.” To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @AkankshaEG or @EGPropertyNews Photos © Telford Homes