The real estate division of London-based asset manager M&G has finalised an £82 million (€94 million) build-to-rent deal with construction company Redrow Homes that will see the building of 186 new private rental homes in north London.
The homes will form part of the £1.2 billion Colindale Gardens development in Colindale, which will see more than 2,900 new homes built over the next decade.
Alex Greaves, head of residential investment at M&G Real Estate, said: “This new deal with another top UK housebuilder, increases our ongoing development pipeline, offering our investors the opportunity to continue capitalising on the UK’s rapidly growing private rental market.
“We look forward to continued deals of this stature in the sector, providing investors with the chance to increase their exposure to the residential market.”
Despite investor nervousness over Brexit, the build-to-rent sector in London has in recent months seen the announcement of a number of high-profile developments.
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