Packaged Living and its build-to-rent joint venture partner, Affinius Capital, have acquired a 250-home site from Milton Keynes City Council and Milton Keynes Development Partnership.
The jv will submit a planning application for a residential scheme on the 1.23-acre Theatre multi-storey car park site in the coming months.
The acquisition is the second transaction by the jv, which was formed in November 2022 to pursue the acquisition, planning, construction and operation of £1bn GDV of multi-family BTR assets in the UK.
Ed Ellerington, founder and chief executive of Packaged Living, said: “This purchase is Packaged Living’s second scheme in Milton Keynes and follows the Almere, an award-winning development which completed in 2022.
“Milton Keynes is a dynamic, expanding city which requires best-in-class homes to attract its growing professional workforce. We are delighted to acquire the site in partnership with Affinius Capital and look forward to working with MKDP and MKCC to create another exemplar building in the city.”
Karen Martinus, director of Affinius Capital Europe, added: “We maintain our conviction towards the UK’s BTR market, which remains underpinned by population growth, decreasing household size and a greater propensity to rent.”
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