Invesco Real Estate has agreed a £54.5m forward funding deal for a 180-home build-to-rent scheme in South London.
East Tower in Sutton, developed by CNM Estates, will rise to 20 storeys, and will be completed in July next year.
The scheme is part of Sutton Point, a larger mixed-use development that also features an 80-room hotel, 59 serviced apartments, for sale and affordable housing, office space, and a health and fitness centre.
John German, senior director, residential investments at Invesco Real Estate, said: “In Sutton we have developed a product which is tailored to the local rental market and is expected to attract sharers, young professionals and young families. There is strong tenant demand for BTR in this location given limited availability of rental units.”
The deal follows Invesco’s recent acquisition of the majority stake in developer Platform_’s £115.8m BTR portfolio, which launched a joint venture between the two firms.