Invesco Real Estate and be:here to invest in West London PRS
Invesco Real Estate (IRE) has teamed up with be:here to make its first investment in the UK private rented sector (PRS). IRE will acquire 118 PRS units for £32.5m in Hayes, West London, on behalf of a UK local authority pension fund.
The agreement has been closed with be:here, the PRS company for UK based residential development firm Willmott Dixon. IRE’s client will purchase the site’s freehold from be:here and fund the development of the scheme, with be:here managing the units following completion in 2016 under its brand.
While the transaction is IRS’s first investment in UK real estate, it follows two other European multi-family projects in Germany worth £106m (€130m) and the appointment of john German, IRE’s director of Residential Investments.
“IRE believes that the Greater London residential market remains one of the most important real estate markets in the world for occupiers and investors, creating long-term demand and liquidity for high quality products. We expect investments in this market to out-perform the mainstream UK residential market” says German.