Edmond de Rothschild REIM has agreed a £43m forward funding deal for a build-to-rent scheme in Rugby.
The fund manager has acquired the 360-flat Market Quarter from regional developer Cassidy Group. It has appointed contractor Metnor, with completion expected by April 2023.
The deal is the seventh acquisition on behalf of the Edmond de Rothschild Residential Investment Fund UK. It follows a £90m commitment last month for its biggest scheme to date at the former Kent Street Baths in Birmingham.
The fund was launched in 2018 and has raised £260m to date. With debt, this brings this to £450m, against a target to hit £1bn deployed over the next two years.
Charlie Miller, co-head of residential in the UK and director of residential transactions at Edmond de Rothschild REIM, said: “Market Quarter is very well-located next to Rugby’s train station, which runs frequent services to London and Birmingham. Rugby is an attractive market town and we will provide high-quality rental accommodation at affordable levels in line with the strategy for the fund.”
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