Railpen, the investment manager for the £35bn Railways Pension Scheme, has agreed a £92m deal for a build-to-rent scheme at Trocoll House in Barking, east London.
The scheme received consent for 198 homes under previous owner Patrizia in 2020. However, a shift of strategy saw it market the scheme for sale, focusing on other projects in Ireland and Birmingham.
Railpen has now acquired the land from Revenue + Capital and agreed a 50-year lease to be granted to Barking and Dagenham Council from practical completion in 2025.
The scheme will be delivered by Fifth Capital. It includes 35% affordable housing.
Darren Rodwell, leader of Barking & Dagenham Council, said: “The proposals will deliver new, secure and affordable housing stock for the borough and help regenerate Barking town centre.”
Julian Allport, investment manager at Railpen, said: “The build-to-rent sector has been resilient throughout the pandemic, delivering strong returns. We look forward to being a long-term partner of Barking & Dagenham Council.”
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