Invesco Real Estate (IRE) has announced that it is forward-funding a build-to-rent project in South London, as part of its residential property strategy.
The fund manager is working with London developer CNM Estates on developing 180 build-to-rent units in Sutton, South London, which are expected to be finished in July 2018. IRE senior director, residential developments, John German, commented: “We are delighted to announce our Sutton project, the most recent investment for our UK build-to-rent strategy aiming to provide long-term returns for our investors.” He added: “We have developed a product which is tailored to the local rental market and is expected to attract sharers, young professionals and young familities. There is strong tenant demand for BtR in this location given the limited availability of rental units.”
The Sutton project comes after IRE invested £116 million in a portfolio of residential units in South East and South West England, in addition to residential projects in Spain and Germany. IRE said it continued to believe that the market fundamentals for investing in the UK build-to-rent sector remain strong.