Firm buys into Redrow’s Colindale Gardens BTR scheme in north London
M&G Real Estate has bought nearly 200 rental homes from Redrow which the housebuilder is putting up at its Colindale Gardens development in Colindale, north London.
The £82.7m deal is M&G’s third build-to-rent transaction of 2018 and will fund the delivery of 186 one, two and three-bedroom build-to-rent homes by 2021.
The 48-acre Colindale Gardens (pictured) is a £1.2bn community being built by Redrow on the site of the former Peel Centre Metropolitan Police training college.
The scheme will feature a range of amenities including shops and restaurants and eventually see more than 2,900 new homes built over the next decade.
Alex Greaves, M&G Real Estate’s head of residential investment said: “This development is a clear statement that renting can be the tenure of choice for an upwardly mobile workforce, which requires the flexibility of renting with high-quality service and support.”