Invesco Real Estate, a global real estate investment manager, is pleased to announce the forward funding of a Build-to-Rent project in South London for its dedicated residential strategy. In conjunction with London Developer CNM Estates, IRE is developing 180 BtR residential units in Sutton, South London. The project will see a newly-built 20-storey development called the “East Tower” comprising 1, 2 and 3-bedroom apartments and penthouses, and is expected to be delivered in July 2018.
John German, Senior Director, Residential Investments at Invesco Real Estate comments: “We are delighted to announce our Sutton project, the most recent investment for our UK BtR strategy aiming to provide long-term income returns for our investors. A fundamental part of our BtR programme is to work with reputable partners to ensure our units are designed and built for purpose, and that operational efficiencies exist with an on site property manager. The Sutton project follows IRE’s recent announcement of the investment of c. €133.7m (£116m) and management of a portfolio of 580 PRS units across the South-East and South-West of England with partner PLATFORM_, in addition to residential projects in Spain and Germany. IRE is one of the world’s largest and most experienced investors in the residential sector globally, having invested around €16.6bn over more than 30 years. IRE and its investors from across the globe continue to believe that the market fundamentals for investing in the UK build-to-rent sector remain strong."
John continues: “In Sutton we have developed a product which is tailored to the local rental market and is expected to attract sharers, young professionals and young families. There is strong tenant demand for BtR in this location given limited availability of rental units.”
The East Tower is part of a landmark mixed-use development project called Sutton Point, set in the prime location of the London Borough of Sutton, c.12.7 miles from central London and c.32 minutes by direct train into Victoria station. The overall complex features an 80-room hotel, 59 serviced apartments, for sale and affordable housing, health and fitness centre, office space with car parking and cycle parking. Sutton itself is part of a c. €1.5m (£1.3m) government backed regeneration programme in conjunction with TfL and railways.
