Legal & General and Clanmil Housing Association have struck a deal to buy Watkin Jones and Lacuna Developments’ £175m Loft Lines project at the Titanic Quarter in Belfast.
The £155m forward-funding deal will back the development of 778 homes, of which 627 will be build-to-rent and 151 affordable. Loft Lines will also include lounges, sports and recreational spaces, as well as gyms, flexible workspace, cinema rooms and children’s play areas.
The Titanic Quarter site was previously a hub for shipbuilding company Harland & Wolff.
Alex Pease, chief investment officer at Watkin Jones, said: “Titanic Quarter will develop an area that is steeped in rich history, transforming this brownfield site into a thriving place to live and acting as a catalyst for wider regeneration.
“The development is being brought to fruition by a true partnership approach between all stakeholders and funders and we are grateful for the genuine collaboration we have experienced with our partners.”
Anthony Best, managing director at Lacuna Developments, said: “The ambitions for Belfast city centre are huge but to be involved in Loft Lines which will support the growth planned under the Belfast Agenda is fantastic.”
Mike Powell, head of BTR transactions at LGIM Real Assets, said: “We are proud to be making the largest ever private sector investment into housing in Northern Ireland, a long-term investment that will allow for the continued regeneration of the Titanic Quarter and crucially support the growing housing demands of the city.”
Last month Watkin Jones chief executive Richard Simpson told EG there has been a “gradual” reopening of the forward-funding market, but added: “The market is clearly volatile… It is a little fragile and it is open to macro shocks, and therefore it is right that we adopt a cautious approach.”
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