M&G Real Estate has completed a deal with Durkan to build 206 homes for rent in Ilford, East London, as tipped by EG in December.
The firm has signed a £71.4m forward funding agreement for the scheme on Chapel Road, Ilford, the site of the former Britannia Music school, which will also include 93 affordable homes and 55 for private sale.
Durkan will be the developer and contractor for the scheme, which is expected to be completed by April 2020.
The deal was made on behalf of M&G Real Estate’s UK residential property strategy. It is the fourth investor-housebuilder agreement by M&G Real Estate, and follows its deal with Telford Homes to finance and build 125 new private rental homes in Upton Park, E13.
Alex Greaves, head of residential investment at M&G Real Estate, said: “Following our partnerships and deals with Crest Nicholson, Telford Homes and Mulbury, this deal demonstrates our commitment to providing renters in the UK with the highest quality of homes in well-managed, sustainable communities.
Durkan’s previous PRS schemes include the Vertex development in Croydon, South London, in partnership with Amicus Horizon.
JLL Residential acted for Durkan and Savills advised M&G.
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