Long Harbour launches €579.7m BTR joint venture (GB)

Long Harbour secures €579.7m BTR joint venture (GB)

Long Harbour has raised its third Build to Rent investment venture, enabling it to continue to grow its portfolio across the UK. CBRE Capital Advisors acted as the lead Placement Agent for the Long Harbour Multi-Family Venture. Bright Capital acted as the Placement Agent in North America and Jade Advisors in the Middle East. The new Long Harbour Multi-Family (LHMF) investment programme, the third in its series, has an initial €579.7m (£500m) of capital to deploy into the sector in the next 24 months. The new venture will target the development of high-quality BtR schemes of over 150 units in London, the South East and selected regional cities, all of which will be managed by ‘Way of Life’, the company's in house PRS (Private Rented Sector) management platform. Long Harbour was an early entrant into the BtR space and has a proven track record in the sector. With its first BtR fund launched in 2013, the Long Harbour BtR strategy has led the group to invest in over €463.8m (£400m) of assets and c. 1,900 units to date.


The first investment from the new venture will be the €81m (£70m) forward funding of a 166-unit scheme at Tottenham Hale. The scheme will be delivered by Berkley Square Developments and offer 166 residential apartments, of which eight apartments will be delivered as Discounted Market Rent, alongside 7,969m² of commercial space. Residents will benefit from concierge services, shared social facilities such as a lounge and a gym, as well as a dining room and outdoor amenity space on the 13th floor.


Located 200 metres from Tottenham Hale tube and rail stations, the site provides easy access to central London via the Victoria line and National Rail services. Construction will commence in August 2019, with the development due to complete in autumn 2021. The development will form part of the wider mixed-use development at the former Berol Yard Pencil Factory on Ashley Road, located in the centre of Tottenham Hale. The wider scheme will include the development of a new building for the Ada, the National College for Digital Skills.


William Astor, Chief Executive at Long Harbour, said: “This is another major milestone for Long Harbour as we continue to invest in the UK’s build to rent market. A 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. The Long Harbour Multifamily Venture builds on the success of the team, which has deployed over €463.8m (£400m) into high-quality assets over the past six years. There is significant momentum behind the UK’s 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.”


Mark Evans, Head of EMEA Equity Placement for CBRE said: “We were impressed with Long Harbour’s approach and vertical integration with ‘Way of Life’ from the outset. Their track record and approach with ‘Way of Life’ was a real attraction for investors and we are delighted to have been a part of their process over the past four months.”

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