Hermes Investment Management and Countrywide鈥檚 joint venture in the UK鈥檚 (PRS) is investing 拢50m (鈧�70.5m) in Liverpool.
The joint venture鈥檚 Vista UK Residential Real Estate Fund has agreed to buy the Baltic Village development in the northwest UK city from Promenade Estates.
The 214,000 sqft asset, the fund鈥檚 first large scale investment, will include 324 one, two and three bedroom apartments.
The Vista fund, established as a joint venture , has a target investor-level return of 9% to 10%.
Hermes said the fund currently has a 拢200m pipeline, with a target growth of 拢1bn over the next five years.
Chris Taylor, chief executive of Hermes Real Estate, said the scheme is a 鈥渟olid, long-term investment鈥�.
He said: 鈥淭he Baltic Triangle is part of a city that has seen tremendous growth over the past few years and we are excited to see what more the development can bring to the local area.鈥�
Developer Balfour Beatty has been contracted to build the scheme, with completion due next year.
