Edmond de Rothschild REIM has agreed a £50m deal for a build-to-rent scheme at Brett Wharf in Gateshead, Tyne & Wear.
EDR REIM acquired the 269-home consented development from Quartus Developments as the eighth scheme for the Edmond de Rothschild Residential Investment Fund UK. The fund has raised £260m, with further equity being raised from European institutional investors.
Quartus Developments secured consent for the BTR development at the end of last year. The site was marketed by High Street Group’s residential business. EDR REIM has previously bought other sites connected with High Street Group in Birmingham and Leicester.
High Street Group recently rebranded as Hadrian Real Estate and brought in new chairman Andrew Marsh to replace frontman and executive chairman Gary Forrest.
The rebrand followed financial troubles that saw the company lock down its £100m, seven-year loan note, preventing investor redemptions. Amid the change in leadership and ownership the special purpose vehicle that owned HSG’s Strawberry Place scheme was taken over by lender Reditum Investments, after providing a bridging loan for the scheme earlier this year.
To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews
