Long Harbour has exchanged contracts with the Sowden Group for a 297-home rental development in Leicester.
The site has a planning consent granted in March for a purpose-built rental scheme. Existing applications were for a smaller number of homes and more retail outlets.
The vacant site, recently the subject of an archaeological dig, sits adjacent to Highcross car park in Vaughan Way and opposite the extension to the High Cross shopping centre.
Long Harbour will fund the development through the Long Harbour Income Fund, its £214m institutional fund focused on delivering homes for rent.
Construction on the site is expected to start in early summer.
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