Developer Hub and Bridges Fund Management have agreed a forward funding deal with Canadian real estate investment company Realstar, which owns residential rental brand Uncle, to deliver a major residential scheme in Leeds, the UK.
Incorporating 463 build-to-rent homes across two blocks, the project will expand Uncle’s build-to-rent portfolio outside of London and Manchester, making it the seventh Uncle building across the UK. Financial details were not disclosed.
The deal is Hub's third with Realstar, following their partnership on two north London BTR developments – Wembley Link, which is currently under construction, and Uncle Wembley, which opened in May 2020.
The site is one of two adjoining sites acquired by Hub and Bridges in January 2021.
Damien Sharkey, managing director at Hub, said: 'This deal marks a milestone for Hub as our tenth forward funding agreement, and first in a regional city, as part of our strategy to expand to key ‘lifestyle’ cities – places with strong fundamentals and demand for high quality housing. We are excited to begin construction on our first project in Leeds.'
Sisk has been appointed as main contractor. Works on site will begin immediately and are expected to complete in spring 2024.