Meyer Homes, the residential development company, has partnered with Invesco Real Estate to deliver 255 Build-to-Rent (BtR) units in the London Borough of Hounslow, West London. The forward-funded development, which closed at the end of December 2017, was acquired for a total gross investment of €120.7m (c.£107m) for Invesco’s dedicated UK residential strategy and is expected to be completed in 2020.
James Moody, Managing Director, Meyer Homes comments: “Meyer Homes was set up to deliver a portfolio acquisition in 2015 of 14 projects with the capacity to deliver 3,500 new homes in London. The business has a diversified strategy and has two other major projects under construction and 2,500 homes in the Planning Pipeline. We are delighted to be working with Invesco who recognised the added value that Meyer Homes brought to the Hounslow project having gained planning consent for 293 homes and secured a contract with Bennetts to construct the buildings. There has been much made of the housing crisis in London and Meyer Homes are working with strategic partners to bring homes in the pipeline forward as soon as possible through either a forward funded or sale route.”
John German, Senior Director, Residential Investments at Invesco Real Estate comments: “The Hounslow Place project was the 7th asset which we acquired for the fund in 2017, and the fund’s 2nd asset in London. Today we have a total eight assets in the fund representing 1,278 units for a total investment of €372.3m (c.£330m), with the London assets at 435 units. Our global investors are delighted with our swift but considered approach to the deployment of their capital into the market, in addition to our consistent pipeline of opportunities in London, the South of England and major regional UK towns and cities.We have always maintained that 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. We are delighted to be working with Meyer Homes who we see as a strong delivery partner for our BtR programme. The team have a strong pipeline of sites and we hope to work with them on other projects in the future. Our collaboration with this team means further diversification of our strategy by location and reputable partners with whom we are working.”
Andrew Brentnall, Director and Head of UK Residential within the team comments: “We are absolutely delighted to have formed this partnership and continue to support Meyer Homes and its investors with their enviable portfolio. The BtR market fundamentals continue to attract significant long-term capital, which could be a huge contributor to helping plug the housing supply-demand imbalance across the UK.”
Hounslow Place is located within close proximity to Heathrow airport and within easy reach of London West End, via public transport on the Piccadilly Line, as well as Hounslow High Street with local amenities. The complex will consist of seven buildings of various sizes, providing a mixture of studio apartments, 1-bed, 2-bed and 3-bed apartments and 14 mews houses, as well as car parking spaces, retail units and associated residential amenity space all designed to provide a sense of community.
Meyer Homes were advised by Savills Residential Capital Markets team.
