UK build-to-rent developer and investment and asset manager BlueCastle Capital has acquired a former retail property in Birmingham for residential conversion.
BlueCastle has acquired the former Marks & Spencer store on Birmingham鈥檚 High Street from the British retailer for an undisclosed amount.
BlueCastle said it expects the residential-led development to be part of the seed portfolio for its UK build-to-rent fund.
Ed Williams, CEO of BlueCastle Capital, said: 鈥淭his is a once-in-a-generation opportunity to create a landmark residential development at the heart of one of the UK鈥檚 fastest-growing cities. Our vision is to deliver an outstanding build-to-rent scheme that sets a new benchmark for quality, sustainability and urban living.
鈥淏irmingham鈥檚 connectivity, culture and momentum make it a key city for our long-term strategy, and the site鈥檚 strategic location next to the HS2 terminus makes it a critical piece in the city鈥檚 regeneration puzzle.鈥�
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