Edmond de Rothschild boosts investment in Brum
Edmond de Rothschild REIM is seeking further amendments to its largest scheme to date, with plans to inject more than £90m into the former Kent Street Baths in Birmingham’s Digbeth.
Earlier this month, EG reported that the BTR fund had raised its investment to £80m, adding a 21-storey tower to its ownership.
EDR REIM has added £36.8m to the initial £49.7m forward funding deal. It is now looking to boost this to a deal total of £90.6m with further amendments to the planning consent.
Edmond de Rothschild REIM is seeking further amendments to its largest scheme to date, with plans to inject more than £90m into the former Kent Street Baths in Birmingham’s Digbeth.
Earlier this month, EG reported that the BTR fund had raised its investment to £80m, adding a 21-storey tower to its ownership.
EDR REIM has added £36.8m to the initial £49.7m forward funding deal. It is now looking to boost this to a deal total of £90.6m with further amendments to the planning consent.
Changes to the consent would see 420 homes, up from 406, making it the largest scheme for the fund to date.
The Edmond de Rothschild Residential Investment Fund UK was launched in 2018 and has raised £266m from European institutional investors, with debt bringing this to £450m. It has a target to hit £1bn over the next 24 months.
Charlie Miller, co-head of residential in the UK and director of residential transactions at EDR REIM, said: “This ambitious placemaking scheme in the vibrant city of Birmingham continues our push to creating a well-balanced UK-wide portfolio of good quality purpose built rental properties in great locations.”
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Images by Edmond de Rothschild REIM
