Birmingham-based Cordia Blackswan has formally handed over a landmark build-to-rent scheme to funder L&G working with Sir Robert McAlpine, in a shift of focus for the recently acquired residential developer.
Blackswan Property was bought by Hungarian-based developer Cordia in September and subsequently rebranded as Cordia Blackswan.
The developer secured L&G for its Hockley Mills scheme last year, in a long-awaited £100m forward funding deal. Rather than pursue the development, it has now passed this to SRM, which has taken over the developer role on behalf of the new owner.
Cordia Blackswan will now focus on more “strategically aligned projects” as it sets about acquiring new sites in Birmingham and bringing them through the planning process.
It has a number of other schemes in the Jewellery Quarter and recently expanded into co-living with a series of small HMOs for shared living.
The developer has a £600m pipeline of 1,800 homes, as well as 360,000 sq ft for commercial use across the West Midlands and is actively looking for new sites in the region.
Marcus Hawley, managing director of Cordia Blackswan, said: “As part of our ongoing vision, and in alignment with our partnership with Cordia, we will now be focusing on other projects within Birmingham and the Jewellery Quarter.”
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