Henderson Park, the European real estate investment platform, and Greystar Real Estate Partners (‘Greystar’), the global leader in rental housing, announce that they have acquired a site located at the former Royal Mail depot in Nine Elms, London, for £101 million, which they intend to develop into an 894-home Build to Rent (BTR) residential scheme, as they continue to build their Private Rented Sector (PRS) portfolio. The development is fully funded with equity from Henderson Park and Greystar, and a £385 million, six-year whole-loan facility provided by investment firm Cain International.
This is the fourth London investment that Henderson Park and Greystar have made in joint venture and extends their high-quality PRS portfolio in London to almost 2,000 apartments, further establishing the partners as a leading UK investor in the sector.
Planning permission, secured by Greystar and Henderson Park, was granted in March 2019 for the development, which is to be one of the largest purpose-designed build to rent developments in the UK. The joint venture has entered into a full design and build contract with Telford Homes Plc who will commence construction this month and deliver the project in multiple phases. First homes are expected to be delivered in 2022 with full completion in 2024.
The buildings will be a short walk from both the new Nine Elms and Battersea Power Station London Underground Zone 1 stations which form part of the Northern Line extension and sit adjacent to the planned Linear Park, which runs across the entire length of the regeneration scheme, with both the new US Embassy and the Battersea Power Station redevelopment also nearby.
Having established their first joint venture two years ago, Henderson Park and Greystar have quickly built a substantial PRS portfolio across London catering to a diverse demographic of renters; these include build to rent schemes under construction in Walthamstow and Croydon and a standing portfolio of apartments located in Aldgate, Fulham and Nine Elms.
Source : Joint release