Invesco, Meyer Homes team up on West London BtR project

Meyer Homes, a residential development company, has partnered with Invesco Real Estate, to deliver 255 Build-to-Rent units in the London Borough of Hounslow, West London.

The forward-funded development, which closed at the end of December 2017, was acquired for a total gross investment of £107 million ($tk million) for Invesco’s dedicated U.K. residential strategy.

Hounslow Place is located within close proximity to Heathrow airport and within easy reach of London West End, via public transport on the Piccadilly Line, as well as Hounslow High Street with local amenities. The complex will consist of seven buildings of various sizes, providing a mixture of studio apartments, 1-bed, 2-bed and 3-bed apartments and 14 mews houses, as well as car parking spaces, retail units and associated residential amenity space all designed to provide a sense of community.

It is expected to be build complete in 2020.

“Meyer Homes was set up to deliver a portfolio acquisition in 2015 of 14 projects with the capacity to deliver 3,500 new homes in London,” said James Moody, managing director, Meyer Homes. “The business has a diversified strategy and has two other major projects under construction and 2,500 homes in the Planning Pipeline.”

According to Invesco’s House View, Hounslow is a strong local market offering both capital and rental growth opportunities, and the market fundamentals for investing in the UK build-to-rent sector remain strong.
The Hounslow Place project was the seventh asset the fund acquired in 2017, and the fund’s second asset in London. To date, the fund has a total of eight assets, representing 1,278 units for a total investment of £330 million ($tk million), with the London assets at 435 units.