Crest Nicholson and M&G Real Estate have partnered for the fifth time to fund the construction of a second phase of rental properties in Berkshire.
This phase will deliver a further 104 private rental homes in Arborfield Green – a new garden village of 2,000 dwellings within a short commute of Wokingham and Reading.
The extended partnership will provide a total of 218 private rental homes with communal facilities, with the second phase ready for occupation in 2020.
The M&G UK Residential Property Fund, managed by Alex Greaves, will finance the one and two-bedroom apartments. This latest partnership marks more than £115m of deals made under the investor/housebuilder arrangement established in 2015.
Chris Tinker, interim chief executive at Crest Nicholson, said: “Partnerships continue to be a major part of our growth strategy to diversify tenures and accelerate construction across some of our larger sites. Working with M&G Real Estate allows us not only to reach a broader customer base through PRS, but to also deliver homes at a faster rate using modern methods of construction.”
Alex Greaves, head of residential investment at M&G Real Estate, added: “This latest partnership builds on our development pipeline and provides our investors with another opportunity to capitalise on the UK’s fast-expanding private rental market.”
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
