Invesco Real Estate, on behalf of Invesco Real Estate’s U.K. Residential program, has invested £73.8 million (€87.5 million/$96.4 million) to forward-fund a build-to-rent (BTR) development in southeast England.
The investment manager signed an agreement for Aubrey Place in Milton Keynes’ CBD with residential developer Packaged Living.
“This asset is tailored to the local rental market, and we expect it to attract young, highly educated and career-driven residents. There is strong tenant demand for BTR in this location, given limited availability of good-quality residential development in the immediate area,” said John German, managing director, residential investments at Invesco.
When complete, the development, which includes two interlinked towers of 17 stories above ground, connected by an 11-story link, will comprise 294 BTR units arranged as one-, two- and three-bedroom apartments. Additionally, the building will benefit from 83 car parking spaces
