Real Estate Investment Management鈥檚 (REIM) UK private rented sector fund has acquired a site for a 拢100m (鈧�115m) development.
The Edmond de Rothschild Residential Investment Fund UK fund has bought the asset in Birmingham located on the site of the former public Kent Street Baths.
The site will provide retail space, a caf茅, gym and a residents鈥� hub along with a minimum of 406 mainly one and two-bed apartments for rent, which may increase to 420 units, subject to planning consent for an additional 14, the fund鈥檚 manager Edmond de Rothschild REIM said.
In the latest transaction, the fund has agreed to forward fund the development of 127 apartments in one building in the northern part of the site for up to 拢40.9m. The new site is adjacent to the fund鈥檚 existing development of three buildings, comprising 279 apartments, for which it agreed a 拢49.7m forward funding deal at the end of 2019, the manager said.
Construction, which will be carried out by Winvic Construction, is due to commence on site this month and is expected to be completed in December 2023, the manager said.
Charlie Miller, the co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: 鈥淭his ambitious placemaking scheme in the vibrant city of Birmingham continues our push to creating a well-balanced UK-wide portfolio of good quality purpose-built rental properties in great locations.鈥�
The Edmond de Rothschild Residential Investment Fund UK fund was launched in August 2018 and to date has raised equity commitments of around 拢260m, with further equity being raised, from European institutional investors.
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