Spitfire Bespoke Homes has secured £53m in forward funding from Legal & General to develop a new Birmingham build to rent site at Newhall Square.
The development, acquired by Spitfire from Birmingham City Council last October, has planning for 220 residential units and 7,500 sq ft of ground floor commercial space, together with a public square and 61 car parking spaces.
L&G’s investment brings its total pipeline of BTR units to over 1,700 with Birmingham the sixth city in the UK where the firm has invested.
Dan Batterton, BTR fund manager at LGIM Real Assets, said: “This development, in a highly sort after area of Birmingham, links the industrial heritage of the Jewellery Quarter with the modern business district. The location is ideally suited to high-quality, affordable and professionally-managed rental accommodation that can help to address the supply demand imbalance in the city.
“Spitfire was the natural partner to deliver this project as they are known for their design-led approach and have a track record of delivering outstanding quality homes across the UK. Given the huge infrastructure investment in Birmingham, it has been a target location for us in building a high-quality and well diversified portfolio of BTR schemes. We expect to continue adding schemes and new locations over the coming months.”
L&G is investing around £1bn into the BTR sector, having raised pension fund capital for an open-ended BTR fund as well as a £600m joint venture between Legal & General Capital and PGGM.
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