Invesco Real Estate (IRE) has announced £54.5m forward funding of a build-to-rent project in South London for its residential strategy.
In conjunction with London developer CNM Estates, IRE is developing 180 build-to-rent residential units in Sutton, South London. The project will see a newly-built 20-storey development called the “East Tower” comprising 1, 2 and 3-bedroom apartments and penthouses, and is expected to be delivered in July 2018.
The Sutton project follows IRE’s recent announcement of the investment of £116m and management of a portfolio of 580 PRS units across the South-East and South-West of England with partner PLATFORM_, in addition to residential projects in Spain and Germany.
John German, senior director, Residential Investments at Invesco Real Estate comments: “We are delighted to announce our Sutton project, the most recent investment for our UK build-to-rent strategy aiming to provide long-term income returns for our investors.”
“In Sutton we have developed a product which is tailored to the local rental market and is expected to attract sharers, young professionals and young families. There is strong tenant demand for build-to-rent in this location given limited availability of rental units,” German said.