Long Harbour inks €174m BtR deal in North London

Real estate and asset-backed investment manager Long Harbour has completed its second forward-funding deal with Berkeley Square Developments in Tottenham Hale, North London, investing £156 mln (€174 mln) in a new residential scheme.

The development will create 315 build-to-rent (BtR) homes as part of the wider Ashley Road masterplan. The deal follows Long Harbour’s £70 mln forward funding of the masterplan's first phase in May 2019, creating 166 homes for rent.

Located at 16-18 Ashley Road, the second phase will provide one, two- and three-bedroom apartments, as well as two larger duplexes, and will include 33 homes at discounted market rent (DMR) as well as 400 m2 of commercial space and private residents’ amenity.

Rebecca Taylor, managing director for the Long Harbour Multi-Family (LHMF) investment programme, said: 'We are thrilled to have completed our second transaction in Haringey with Berkley Square Developments, with construction due to commence in the coming months.

'Covid-19 has demonstrated not only the resilience of the BtR sector as an asset class but the role that BtR will continue to play in delivering the housing need despite an economic downturn.

'The first phase of the scheme is on track to open doors in summer 2021 and as LHMF has significant capital to deploy we are in active discussions with a number of development partners on sites across London and the UK’s core cities.'

The scheme will be delivered by Berkeley Square Developments, and Long Harbour’s Way of Life residential living platform will manage the properties upon completion in 2023.

The deal is Long Harbour’s latest investment in the BtR Sector on behalf of the LHMF investment programme, which will continue to deploy an initial £500 mln of capital into BtR projects over the next 18 months, focusing on schemes of over 150 units in London, the South East and selected regional cities, all of which will be managed by Way of Life.

Alan Gavin, director at Berkey Square Developments, said: 'Long Harbour have proven once again their ability to partner on large development transactions, and we are delighted to continue that partnership with this latest forward-funding deal.

'This fantastic development sits at the hearth of the Ashley Road Masterplan, and we have worked closely with our Architects to design a building that is beautiful on the inside and out. We are committed to delivering the development to the highest standard.'

Knight Frank advised Berkley Square Developments.


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