M&G Real Estate has purchased a 114-flat build-to-rent scheme in Brighton from developer U+I.
The fund manager has completed the acquisition of four residential buildings at Circus Street, as a forward commitment to purchase for £57m.
U+I’s wider development was masterplanned by shedkm and includes 450 student beds, a 30,000 sq ft office and a new cultural hub.
Alex Greaves, head of residential investment at M&G Real Estate, said: “This acquisition offered us an excellent opportunity to take advantage of limited supply in an area with few redevelopment possibilities and the continued demand for high-quality accommodation.
“This is our second transaction with U+I and our first build-to-rent deal, providing our investors with exposure to the buoyant Brighton residential market.”
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