Rockspring has acquired its second PRS development alongside Atlas Residential in Birmingham.
On behalf of its TransEuropean VI fund, the company has acquired the Pershore Street site in Birmingham city centre from Hallmark BY Development for a total development cost of £50m.
The new scheme will complete in early 2018, delivering 334 flats covering 174,000 sq ft. In addition, there will be car parking, a gym and landscaped gardens for residents.
One of the two joint venture partners in Hallmark BY, Linkcity, will be the developer and delivery partner through Thomas Vale Construction, a subsidiary of Bouygues.
Paul Hampton, Rockspring partner and fund director of TEP VI said: “The acquisition and development of this PRS scheme is in line with TransEuropean’s strategy of participating in urban regeneration activity in certain key cities across both the UK and continental Europe. We are actively looking to replicate this sort of transaction, not just in the UK but elsewhere in Europe where we see evidence of similar themes and trends.”
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