Fiera Real Estate has made the first disposal from its £70m Residential Land Partnership, with the sale of its Milton Keynes scheme to housing association Paradigm Housing.
Fiera and partners Danescroft sold a 5.3-acre site at Little Linford Lane, Newport Pagnell to Paradigm Housing for over £6m.
The site has planning consent for 77 homes, including 30% affordable, with contractors Wildgoose Construction appointed for the build.
Fiera and Schroder Real Estate launched the £70m fund in October 2017. It completed the final close in 2019, with backing from a mix of corporate and local authority pension schemes.
The fund is targeted 12-15% IRR over five years, and is invested in additional projects in Manchester, Surrey, Crawley and Kings Langley.
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