M&G Real Estate is to finance 315 build-to-rent homes adjacent to Reading Station, bringing its investment in the residential sector to c. €1bn (£900m). Thames Quarter, a development of one, two and three-bedroom apartments, will be ready for occupation in 2021 and is the latest deal made on behalf of the M&G UK Residential Property Fund. Watkin Jones will act as developer and contractor.
Specifically designed to appeal to the fast-evolving rental market, future occupants of Thames Quarter residents will benefit from 10,000 ft² of facilities including a residents’ lounge overlooking the Thames, a tech hub, cinema, dining rooms and roof terraces. Reading station, soon to be part of the Crossrail network, is less than a three-minute walk away from the building with the fastest trains taking just 25 minutes to Central London.
Alex Greaves, Head of Residential Investment at M&G Real Estate, comments: “Thames Quarter provides scale, first-class amenities, intelligent design and goes a little way to addressing the shortage of quality private rented accommodation in Reading. It’s no surprise that Reading’s dynamic economy, skilled workforce and amount of foreign investment has earned it a Financial Times accolade as one of the most business-friendly small cities in Europe. Many well-known corporations have based their headquarters there, supporting strong demand for housing. In addition to the superb transport links, it was the next obvious choice for the expansion of our residential portfolio and reflects our strategy to invest in areas with strong employment and quality infrastructure.”
M&G Real Estate has a long heritage of investing in Reading and has overseen c. €457.2m (£400m) of investment since 2014. Campbell Gordon represented M&G Real Estate and CBRE represented Lochailort.
