Invesco Real Estate has forward funded a new £73.8m build-to-rent scheme in Milton Keynes.
The 294-unit building will be developed and operated by Packaged Living and is due for delivery in the second quarter of 2022.
Aubrey Place will also include 2,500 sq ft of indoor amenity and 17,234 sq ft of amenity space outdoors.
“Adding Aubrey Place to our growing UK residential portfolio is ideal, thanks to Milton Keynes’s positive market outlook, growing reputation as a business destination and positive rental growth prospects,” said John German, managing director, residential investments at Invesco.
“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.”
Packaged Living managing director Mark Woodrow added: ”We are delighted to be working with Invesco on our latest development. Aubrey Place is an important city centre scheme delivering good quality homes for rent”.
The investment was made on behalf of Invesco’s UK Residential programme. Knight Frank and Shoosmiths advised Packaged Living on the acquisition of the site.