Patrizia has completed its acquisition of Trocoll House in Barking, east London, from Coplan Estates.
The site will be used to develop a 28-storey residential tower with consent for 198 built-to-rent homes.
The scheme will total 150,000 sq ft and will contain 92 one-bedroom and 106 two-bedroom flats.
Located close to Barking Station, the development is the second purchase in Patrizia’s planned build-to-rent schemes in the UK.
James Muir, managing director at Patrizia, said: “This transaction is in line with Patrizia’s UK BTR strategy of targeting urban centres with strong demographic fundamentals, while adding further weight to the company’s focus in the sector, which now sees us managing residential investments across Europe.
“Trocoll House will offer high-quality, larger-than-average rental apartments with great amenities and spaces that have modern living trends in mind, located in a thriving part of London. Following last year’s investment in Manchester, this transaction means we now have over 800 units in our build-to-rent pipeline and we remain keen to continue investing in the sector.”
Bilfinger GVA acted for the vendor; JLL acted for the purchaser.
• To send feedback e-mail mike.cobb@estatesgazette.com or tweet @MikeCobbEG or @estatesgazette
