Cording Real Estate Group has agreed a £49.7m forward funding deal for High Street Group’s Kent Street Baths build-to-rent development in Birmingham.
The scheme is HSG’s third major BTR development in Digbeth and Cording’s fourth investment from its £400m fund.
Kent Street Baths is a 262-flat scheme on a 2.2-acre site in Digbeth.
The HSG’s residential development arm, High Street Residential, is expected to increase the number of flats to 279.
Construction is expected to begin in January 2020 with completion 2022.
Charlie Miller, director of residential acquisitions at Cording, said: “This ambitious placemaking scheme in the vibrant city of Birmingham continues our push to creating a well-balanced UK-wide portfolio of low to mid-market rental properties in great locations.”
Gary Forrest, chairman of HSG, said the deal was “further evidence that PRS is here to stay and offers extremely attractive investment opportunities”.
In September, HSG completed a £98m forward funding transaction with Invesco for its 484-flat scheme at Holloway Head.
The developer has 12 schemes with a GDV of £644m to deliver more than 3,000 homes in Newcastle, Birmingham and Manchester.
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