Greystar has acquired a £973m build-to-rent scheme in Bermondsey, SE16, from Grosvenor.
Grosvenor received planning permission for the 1,548 home BTR scheme at the former Peek Freans biscuit factory site in 2020.
The scheme will deliver homes across 35 storeys, with public spaces including a roof terrace and pedestrian walkways. It will also include 150,000 sq ft of flexible employment space.
The planning permission includes the delivery of 482 affordable homes, 342 of which will be offered at discount market rent and 140 at social rent levels. The Bermondsey site will also incorporate a new secondary school.
Greystar has bought the site through its £2.2bn strategic partnership with the Abu Dhabi Investment Authority focused on London BTR and is part of Greystar’s strategy to build a property portfolio valued at £6.5bn comprising rental and student accommodation.
Mark Allnutt, senior managing director for Europe at Greystar, said: “The deal represents another milestone reached in our ongoing strategy to develop thoughtfully designed and professionally managed rental communities, particularly in light of the current shortage of high-quality rental property in the capital.”
Heather Topel, director of development at Grosvenor, said competition for the acquisition had been “exceptionally competitive”, adding that Grosvenor will reinvest the proceeds into its London portfolio and regional investment business.
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