Aberdeen Standard has committed to a £60m investment for the 259-flat BTR scheme at Lionel House in Birmingham’s city centre.
The finance is the first UK investment from the Aberdeen Standard Pan-European Residential property fund (ASPER).
Aberdeen will forward fund Stamford Property Investments’ redevelopment of the 10-storey post office building on Lionel Street, between the Jewellery Quarter and Paradise Circus development.
Enabling work on the development is underway and will see the tower increase to 14 storeys, with completion expected in summer of 2021. The apartments will be marketed and managed by JLL.