APG has teamed up with Qatari Diar and Delancey for a 拢1.4bn (鈧�1.7bn) UK private-rented sector (PRS) venture.
The Dutch pension fund asset manager is entering a partnership with the Qatari Diar Real Estate Investment Company, as well as Delancey鈥檚 DV4 client fund. Clearance for the joint venture is due later this year.
They will use the East Village scheme in the UK capital鈥檚 2012 Stratford Olympic Village 鈥� to Qatari Diar and Delancey 鈥� and the first phase of the in south London to seed the joint venture. The latter is an existing joint venture between APG and Delancey.
APG鈥檚 head of European property investments, Robert-Jan Foortse, said the seed projects would deliver 鈥渟ubstantial contributions to the further regeneration of the local areas鈥�.
The parties in the joint venture said 1,500 homes were built and substantially let, 1,000 homes were under construction and that the remaining 1,500 homes had planning consent.
Get Living London will manage and lease the homes.
鈥淲e expect the Get Living London management will continue to introduce new levels of professionalism to the London residential market,鈥� Foortse said.
APG entered the UK residential property market , buying part of a 拢350m portfolio with Grainger.
The Dutch institution invested 拢158m in GRIP to buy part of G:res1, one of Grainger鈥檚 property funds.
PGGM and Legal & General Capital are looking to invest 拢600m in the UK PRS, as reported .
