Almero Holdings has acquired two sites in Camden and Bermondsey for resi-led development, for a combined £27m.
It has bought 140-146 Camden Street (pictured) bordering Regent’s Canal from Elebro for £15m. The site has planning consent for the demolition of existing buildings and construction of 52 homes and more than 20,000 sq ft of commercial space in an eight-storey building.
In Bermondsey, Almero picked up 18-19 Crimscott Street, SE1, which received consent last year for 55 apartments and 20,000 sq ft of office space in buildings of up to nine storeys. The former printworks site spans 0.35 acres and is located between Bermondsey and London Bridge stations.
Almero acquired the site from Fruition Properties and Savills Prime Residential Fund II for £12m.
Combined, the schemes will deliver 80,000 sq ft of residential space and 40,000 sq ft of commercial space, with an end value exceeding £100m.
The acquisitions are the first from Almero’s new investment arm Pennyworth Real Estate. The investor will work with its development partner City Inc to bring the sites forward. The residential element was previously planned for market sale, but could be switched to a build-to-rent offering.
A spokesman from Almero said: “Almero is focused on expanding our residential portfolio in gateway European cities, including Dublin, Berlin, Frankfurt, Barcelona, Madrid and Amsterdam, underpinned by our commercial success.”
Parul Scampion, COO at Fruition Properties, said: “In light of a slowing residential sales market, we have considered our options and feel that the time is right to exit this scheme, handing over to a capable fund. We will increasingly be focusing on partnerships and joint ventures this year, where we can use our expertise to add value to sites before considering our exit strategy.”
Almero Holdings was established in 2013 as the UK investment vehicle of brothers Louis and TJ Steyn. It focuses on luxury student accommodation in university cities, and recently expanded to include mixed use developments in the capital. Almero has a portfolio exceeding $250m across LA, New York, Chicago and Seattle.
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