Sable Capital has acquired a residential development site in Nine Elms, SW8, with a GDV of around £110m.
The acquisition was made using funds from its recently raised UK BTR fund, which has £255m of equity commitments. Sable Capital is targeting build-to-rent investments in multi-family, single-family and senior living across the UK.
The newly established vehicle has acquired the freehold of Apex 1, a residential development site in London’s zone 1 from Vinci St Modwen, a 50:50 joint venture between Vinci UK Developments and St Modwen Developments, and the Covent Garden Market Authority.
The site has planning consent for a 26-storey tower incorporating 201 homes, 5,242 sq ft of ground-floor retail space and 27,631 sq ft of amenity space, including a podium garden.
Hugo Black, partner at Sable Capital, said: “While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record. London remains chronically undersupplied, with delivery of new homes currently 60% below the London Plan target.
“This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station. We are looking forward to working with Covent Garden Market Authority and Vinci St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station as well as delivering 201 new homes for renters in zone 1.”
Sable was advised by BCLP and Cushman & Wakefield; Savills advised VSM; Deloitte advised the Covent Garden Market Authority.
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