An £82.7 million deal has been agreed between M&G Real Estate and Redrow Homes for the funding of more than 180 new build to rent homes in Colindale, North London. The 48-acre project, which is being created by Redrow on the site of the former Peel Centre Metropolitan Police training college, will see more than 2,900 new homes built over the next 10 years.
“This new deal with another top UK house-builder, increases our ongoing development pipeline, offering our investors the opportunity to continue capitalising on the UK’s rapidly growing private rental market. We look forward to continued deals of this stature in the sector, providing investors with the chance to increase their exposure to the residential market,” said Alex Greaves, Head of Residential Investment at M&G Real Estate.
“This development is a clear statement that renting can be the tenure of choice for an upwardly mobile workforce, which requires the flexibility of renting with high-quality service and support. Colindale has emerged as a property hotspot and is an area undergoing major transformation,” he added.
The 186 homes are part of the £1.2 billion Colindale Garden development and they are anticipated to be ready by 2021.
“This deal is another exciting step forward for Colindale Gardens and Redrow as we look to create a diverse and sustainable community that offers a range of housing for a diverse mix of Londoners,” said Mark Parker, Managing Director at Redrow Homes East London. “The wider area is fast becoming a hotspot for families and young professionals and our development will offer all the attributes which customers prioritise, including excellent connectivity, green open spaces and an abundance of amenities on their doorstep.”
M&G Real Estate is the property investment arm of M&G and one of the world’s largest property investors with £30.1 billion of assets across all the major sectors in the UK, Europe and Asia. Drawing on 150 years of investment experience, the firm actively manages its properties to maximise returns and generate a strong income stream for institutional investors.
