Aberdeen Standard Investments has completed a deal to acquire a 158-flat build-to-rent scheme in Stratford, east London.
It will invest more than £36m to forward fund the redevelopment of Aquastrada’s Stratford Office Village.
The development on Romford Road comprises four buildings of between two and four storeys with 158 studio apartments, a residents lounge and coworking space.
It is expected to complete and open for residents by Q3 2021.
Robert McDonnell, residential fund manager at Aberdeen Standard Investments, said: “We look forward to delivering a unique build-to-rent scheme in a location that is underpinned by strong demand and supply fundamentals.”
Simon Scott, lead director of living capital markets, UK at JLL, added: “Build-to-rent is a resilient and defensive sector that can provide stable cash flows and sustain healthy demand.
“Aberdeen’s commitment in the current market environment illustrates the long-term confidence in UK residential investment.”
The acquisition by Aberdeen Standard Pan-European Residential Property Fund brings the residential portfolio in excess of €810m (£709m) across six countries, with a pipeline of €300m (£263m).
ASPER has around €100m (£88m) in assets in the UK, including the 259-flat BTR scheme at Lionel House in Birmingham, which it acquired last year.
JLL advised Aquastrada; Cushman & Wakefield advised Aberdeen Standard Investments.
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