Build-to-rent giant Get Living has agreed a £252m forward-funding deal at Muse’s Lewisham Gateway scheme, SE13.
Get Living will acquire and manage 649 homes, including its first co-living development, at its third London neighbourhood.
It is one of the largest build-to-rent investments this year, and more than three times the total BTR investment in the second quarter.
The scheme comprises 424 BTR flats, 106 London Living Rent flats and 119 co-living bedrooms in the second phase of the development. It also includes 25,000 sq ft of retail, 15,000 sq ft of food and beverage, a gym, 10,000 sq ft of offices with co-working space, and Lewisham’s first multiplex cinema, which has been prelet to Empire Cinemas.
The acquisition was originally tipped by EG more than two years ago, following planning consent for the revised plans, which saw flats removed in favour of co-living.
It is backed by Get Living plc, which is owned by Qatari Diar, APG and DOOR, a co-investment platform for Delancey’s client fund DV4 and Oxford Properties. Work is due to commence imminently, with completion expected in 2023.
The deal brings Get Living’s operational and pipeline portfolio to some 8,000 flats across six sites, against a target to hit 12,500 homes within five years.
Get Living chief executive Rick de Blaby said: “In these challenging times, we believe that build-to-rent is proving to be one of the most resilient real estate sectors, thanks in part to its customer-first culture and its commitment to supporting community.”
Mike Auger, regional director at Muse, added that the transaction “highlights investor confidence in our long-term vision – despite the unprecedented situation we all find ourselves in – to deliver a truly transformational scheme that will drive economic and social prosperity in the heart of Lewisham when it’s needed most”.
The wider development at Lewisham Gateway is a joint venture between Muse Developments, the London Borough of Lewisham, the mayor of London and Transport for London, supported by Homes England.
Muse was advised by Savills.
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