鈥檚 third build to rent (BTR) investment venture has raised 拢500m of capital from investors to help grow its portfolio across the UK.
The real estate manager鈥檚 new Long Harbour Multi-Family (LHMF) will target the development of BTR schemes of over 150 units in London, the South East and selected regional cities.
The initial 拢500m capital secured is expected to be deployed into the sector in the next 24 months.
LHMF鈥檚 first investment will be the 拢70m forward funding of a 166-unit scheme at Tottenham Hale, with developer Berkley Square Developments.
The development will deliver 166 residential apartments, of which eight apartments will be delivered as discounted market rent, alongside 7,969sqm of commercial space.
William Astor, CEO at Long Harbour, said: 鈥淭his is another major milestone for Long Harbour as we continue to invest in the UK鈥檚 build to rent market.
鈥淎 proven and trusted partner for institutional investors, our joint venture vehicle underlines our ability to deliver high-quality schemes in locations where rented accommodation is in high demand, such as Tottenham Hale.鈥�
Astor said the Long Harbour Multifamily Venture builds on the success of the team, which has deployed over 拢400m into assets over the past six years.
鈥淭here is significant momentum behind the UK鈥檚 Build to Rent sector and, as one of the leading and longest-standing investors, we are well placed to capitalise on the many emerging opportunities.鈥�
CBRE Capital Advisors acted as the lead placement agent for the venture. Bright Capital acted as the placement agent in North America and Jade Advisors in the Middle East.
