Cording Real Estate Group is to forward-fund High Street Residential’s build-to-rent development in Warrington for around £40m.
It is the second deal for Cording’s £400m UK residential investment fund, which invests in the private rented sector on behalf of clients in continental Europe.
Newcastle-based High Street Residential, which is part of The High Street Group, acquired the former industrial estate earlier this year.
The development, located on John Street in the Stadium Quarter regeneration area, will provide 362 one- and two-bedroom apartments.
Construction will commence on site this month and is expected to be completed in early 2021.
Charlie Miller, director of residential acquisitions at Cording, said: “The site’s location, opposite the train station and within walking distance to Warrington’s town centre is very attractive for future residents and commuters to Liverpool or Manchester.
“Our project forms part of a wider regeneration of Warrington’s Central Station and is one of the first large developments to take place in the town for more than 10 years.”
The Cording UK Residential Investment Fund was launched in August 2018 with equity commitments of more than £100m from German institutional investors.
Cording aims to raise an additional £150m of equity commitments from continental European institutional investors.
Using leverage, the fund is targeting £400m to create a diversified portfolio of PRS assets.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
