BlackRock and Outpost form €584m residential JV

BlackRock’s European Property platform and Outpost Management have formed a new joint venture to invest £500 million (€584 million/$670 million) in U.K. residential assets, with the objective of building high-quality, multifamily residential housing in key cities where demand outweighs supply.

The joint venture has completed the seed acquisition of a new freehold asset at 101 Camley Street, adjacent to King’s Cross and St. Pancras stations, and comprising 121 residential units along with 30,000 square feet of flexible commercial space, set in a landscaped urban garden on Regent’s Canal. Innovative building design features and investment in sustainable technologies to reduce energy consumption and improve water use have resulted in the asset securing a Building Research Establishment Environmental Assessment Method (BREEAM) Excellent rating.

Residential asset and development manager Outpost will operate the property on behalf of BlackRock under Outpost’s new