Fiera Real Estate has acquired its first build-to-rent scheme in Wales, with a £65m development at Suffolk House in Cardiff.
Fiera made the purchase on behalf of the Fiera Real Estate Opportnity Fund V UK. The investor will develop 300 homes at the 0.9-acte site via its BTR platform Packaged Living.
The site is located to the south of Cardiff city centre, close to Cardiff Central station, and currently holds a two-storey office building.
Suffolk House is the sixth acquisition purchased through FREOF V. The fund is targeting £250m in value-add and opportunistics transactions in the UK.
It is the second BTR scheme for the fund, following the 350-home Heyrod Street scheme in Manchester.
Ed Ellerington, managing director of Packaged Living, said: “Suffolk House is Packaged Living’s fifth city centre development in the UK and offers real potential to build the city’s most advanced rental community.”
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