Build-to-rent investor MGT has acquired a portfolio of luxury flats at Battersea Power Station’s Electric Boulevard, SW8.
The developer has purchased 92 flats pepper-potted across the 542-home scheme, comprising two 17-storey towers designed by Gehry Partners and a third 16-storey building from Foster+Partners.
The acquisition was backed by Oaktree Capital Management. Market sources estimate a deal value in the region of £150m.
It is the third BTR buy for the fund, following schemes at Reading’s Station Hill and Knight Dragon’s Greenwich Peninsula.
The one, two and three-bedroom flats at Electric Boulevard will reach completion between late 2021 and early 2022.
Henry Morris, managing director of MGT Investment Management, said: “Despite current short-term uncertainty around Covid-19, we truly believe in the long-term fundamentals of the central London market as a prime place to live, work and visit.”
He noted the attractiveness of the investment for MGT “buying into the future growth of the power station as key facets of the transformation story come together, including the opening of the main building, Apple’s new campus and Northern Line extension, which will dramatically improve connectivity”.
Simon Murphy, chief executive of Battersea Power Station Development Company, added: “Following a strong year of residential sales, MGT’s investment is a further testament to the continued long-term appeal of the development as well as the thriving neighbourhood and community emerging here.”
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