Realstar has agreed a £91m forward-funding deal for Telford Homes’ Perfume Factory build-to-rent scheme in North Acton, W3.
Realstar will fund the development through its joint venture with QuadReal. The pair joined forces last year, aiming to double their £1.5bn UK portfolio in five years.
The Perfume Factory will be Realstar’s tenth location as part of the Uncle platform. Construction work has commenced and is due for completion in 2024.
Telford Homes paid Essential Living £28.3m for the consented former art deco Elizabeth Arden site last August. It is less than a mile from the Old Oak Common regeneration area, which has been prioritised as a housing- and employment-led regeneration zone.
Ryan Prince, vice chairman of Realstar and founder of Uncle, said: “This is a really exciting time for the area with Crossrail coming down the line… Our BTR developments are continuing to attract a surge of interest, which is a sign that we are meeting the needs of the modern renter as the sector continues to rapidly evolve.”
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