Westrock has secured a £70m development finance facility from M&G Investments for its PRS portfolio.
The four assets, which are part of the first phase of its built-to-rent strategy, is located in the South East and due to be completed by the third quarter of 2016.
Westrock’s strategy is to build between 1,000 and 2,000 units per year, focusing on city-centre locations throughout the UK, providing 100 to 500 units in single complexes.
Projects include both new-build and conversion opportunities and will share a new rental brand due to be unveiled in the new year.
Dominic Martin, PRS Director at Westrock, said: “Being one of only a few investor-developer-managers in the UK, our eye is firmly on maximising net returns, and in the long run we will be able to drive more efficiency and income out of the property, creating valuable, long-term investments.”
