Greystar acquires London BtR scheme (GB)

Greystar acquires London BtR scheme (GB)

Greystar Real Estate Partners and Grosvenor’s UK property business announced they have agreed the sale of a build-to-rent (BTR) scheme in Bermondsey, south London. The scheme, at the former Peek Freans biscuit factory site, will feature 1,548 exceptional homes, extensive play and public spaces, including a large public roof terrace and pedestrian walkways. It will help to create new job opportunities through 150,000ft² of flexible employment space, driving additional footfall for local businesses. The Bermondsey site will incorporate new homes for a range of rents, a new secondary school and employment, cultural and retail spaces, interwoven into the neighbourhood. The development will incorporate historic buildings in the area into the plans.


Since entering the UK market in 2013, Greystar has pursued a growth strategy and built up a property portfolio worth €7.5bn (£6.5bn), representing more than 14,300 units and comprising both multifamily rental accommodation and student accommodation – helping to address the acute shortage of high-quality and professionally managed-rental housing. Greystar’s proven track record of delivering sustainable regeneration sites focused on the management of communities has made it the ideal developer for taking the scheme forward.


Greystar will execute the acquisition of the Bermondsey scheme through its strategic partnership with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA). The site is extremely well connected, it is approximately a 4-minute walk from Bermondsey Underground station which is serviced by the Jubilee Line where residents will be able to reach London Bridge in two minutes, Waterloo and Canary Wharf in five minutes, Bond Street in 11 minutes and Stratford in 17 minutes.


Mark Allnutt, Senior Managing Director – Europe, Greystar, said: "The acquisition of Grosvenor’s Bermondsey development site represents another milestone reached in our ongoing strategy to develop thoughtfully designed and professionally-managed rental communities, particularly in light of the current shortage of high-quality rental property in the capital. We look forward to building upon the work Grosvenor has started to deliver new homes and amenities for the people of Bermondsey.”


Heather Topel, Director of Development, Grosvenor, added: “Our designs create a world-class neighbourhood infused with the history of Bermondsey in a way that both involved and connected its communities and interest in the opportunity to deliver this scheme was exceptionally competitive. Greystar has a strong track record, and environmental and community values aligned to our own and we are confident they will deliver it to an incredibly high standard. We will reinvest the capital from this sale into growth opportunities in our London portfolio and regional investment business.”

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