Cording Real Estate Group has secured the first deal for its new €456.6m (£400m) Cording UK Residential Investment Fund, which invests in the private rented sector (PRS) on behalf of Continental European investors. The fund has agreed to forward fund a build-to-rent development for c. €57m (£50m) at the Merlin Works site in the Waterside regeneration area in Leicester. The development has been assembled by the developer, CODE, and will be built by Winvic Construction. It comprises more than 380 one and two-bed apartments and was designed by Leicester-based architect Staniforth. Construction will commence on site in November and is expected to be completed in autumn 2020.
Charlie Miller, Director of Residential Acquisitions at Cording, said: “Leicester is a fantastic location for the fund’s first build-to-rent investment. It is a vibrant city which features prominently in the East Midlands with a high demand for affordable new build-to-rent accommodation in line with the fund’s strategy. Leicester’s population is forecast to grow at a rate in excess of the national average, while the current supply of rental stock in Leicester is limited and relatively dated”.
