Heim Global Investor has forward funded a 375-home build-to-rent scheme in Leeds.
BeckYard, in the South Bank regeneration area of Leeds, is being developed by McLaren Living.
Heim, a European residential specialist investor, last month launched an £800m UK residential close-ended build-to-core fund with plans to develop 5,000 homes.
BeckYard is the fund’s first investment. It consists of two towers of up to 26 storeys, and completion is expected in January 2027.
The development is being fully funded by Heim, with grant support from the West Yorkshire Combined Authority’s Brownfield Housing fund.
Christian Birrell, head of UK investments at Heim, said: “This project is just the first of many projects we plan to deliver, as we develop a 5,000-plus-unit portfolio targeting mid-market rental homes across the UK’s key cities. Leeds is a strong city with an undersupply of affordable rental homes, and we are delighted to be working with such a strong development partner in McLaren Living.
“BeckYard marks the first investment in our UK fund, and we are currently looking at an interesting pipeline of deals across the UK.”
Leeds’ South Bank regeneration area comprises 8,000 homes and more than 1m sq ft of commercial space.
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