Cording secures first deal for new £400m U.K. PRS fund

Cording Real Estate Group has secured the first deal for its new £400 million ($520 million) Cording U.K. Residential Investment Fund, which invests in the private rented sector (PRS) on behalf of Continental European investors.

The fund has agreed to forward fund a build-to-rent development for around £50 million ($65 million) at the Merlin Works site in the Waterside regeneration area in Leicester. The development has been assembled by the developer, CODE, and will be built by Winvic Construction in its second built-to-rent project with Cording. It comprises more than 380 one- and two-bed apartments and was designed by Leicester-based architect, Staniforth. Construction will commence on site in November and is expected to be completed in autumn 2020.

“Leicester is a fantastic location for the fund’s first build-to-rent investment,” said Charlie Miller, director of residential acquisitions at Cording. “It is a vibrant city, which features prominently in the