Heim announced the first investment through the closed-ended UK residential build-to-core fund launched back in April - the 375-unit residential development BeckYard in Leeds. The development is being built by HG Construction and marks the first investment brought forward by McLaren Living.
Located in the South Bank regeneration area, a 10-minute walk from the city centre. Significant public and private sector investment is facilitating the development of the area with 8,000 new homes and over 93ha of commercial space. The new homes will consist of two buildings up to 26 storeys, with completion expected in January 2027. The development is being fully funded by Heim, with grant support from the West Yorkshire Combined Authority's Brownfield Housing Fund.
Head of UK Investments at Heim Global Investor, Christian Birrell commented: “We are thrilled to announce our first investment for our UK build-to-core fund in Leeds. This project is just the first of many projects we plan to deliver, as we develop a 5,000+ unit portfolio targeting mid-market rental homes across the UK’s key cities. Leeds is a strong city with an undersupply of affordable rental homes, and we are delighted to be working with such a strong development partner in McLaren Living. BeckYard marks the first investment in our UK fund, and we are currently looking at an interesting pipeline of deals across the UK.”
Matthew Biddle, Managing Director, McLaren Living, said: “This is a pivotal moment for BeckYard, through our trusted partnership with Heim we’ve secured forward funding for a major build-to-rent development in Leeds City Centre. In the best locations and cities across the UK, Build-to-Rent continues to be a resilient sector, and we are committed to working with our partners to deliver our strong pipeline of projects.”
Oliver Westray, Development Director, McLaren Living, added: “Working with Heim as our funding partner we are excited to deliver high quality and much needed new homes in one of the UK’s fastest growing cities. We are creating a new quarter in a thriving city and we anticipate receiving strong rental demand for our high-quality experience-led living.”
The planned completion is January 2027.
Image provided by Heim.
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