Invesco real estate has secured forward funding for a large scale built to rent (BtR) scheme in Liverpool city centre
The 383 unit scheme is Invesco Real Estate’s third residential development project outside of London and the South East and the tenth BtR asset for its dedicated UK fund.
The forward-funded development was acquired for some £86m for Invesco’s dedicated UK residential strategy and is expected to be completed in June 2020.
John German, Senior Director, Residential Investments at Invesco Real Estate said: “After completing nine acquisitions in 2017, we’re delighted to demonstrate our continued pipeline of opportunities within the BtR sector with this acquisition in a major UK regional city and the tenth acquisition for our dedicated fund.
“This brings to 646 the number of units we now have under construction in the UK’s North West.”
Neil Patten, Managing Director of Patten Properties and Panacea Property Development, added: “The scale and location of this development deserves the best investment partner and we feel that we have found that with Invesco.
“We worked very closely with the Council to ensure that our plans for this important scheme were in line with their own aspirations for the site and the wider area.”
The development site in the city’s Strand Street was purchased last year with a vacant office building which will shortly make way for the 383 unit – a mix of 1, 2 and 3-bed apartments.
There is strong tenant demand for BtR in central Liverpool where rental units have limited availability.