Global property manager Invesco Real Estate has agreed a £73.8 mln (€88 mln) forward funding deal with residential developer Packaged Living for a build to rent (BtR) scheme in Milton Keynes, UK.
The development, dubbed Aubrey Place, will comprise 294 apartments, 83 car parking spaces, a commercial unit of 2,500 ft2 (232 m2) and 17,234 ft2 (1,600 m2) of internal and external amenity space.
Due for delivery in Q2 2022, the investment has been made on behalf of Invesco Real Estate’s UK Residential programme. Knight Frank and Shoosmiths advised Packaged Living on the purchase of the site.
'Adding Aubrey Place to our growing UK residential portfolio is ideal, thanks to Milton Keynes’s positive market outlook, growing reputation as a business destination and positive rental growth prospects,' said John German, managing director, residential investments at Invesco.
'This asset is tailored to the local rental market and we expect it to attract young, highly educated and career-driven residents. There is strong tenant demand for BtR in this location, given limited availability of good quality residential development in the immediate area,' German added.
Mark Woodrow, managing director of Packaged Living commented: 'We are delighted to be working with Invesco on our latest development. Aubrey Place is an important city centre scheme delivering good quality homes for rent.'
The contractor for the scheme is Winvic, a privately-owned, multi-disciplinary contractor.