M&G Real Estate is financing 315 build-to-rent homes adjacent to Reading Station, near London, bringing its investment in the residential sector to £900 mln (€1 bn).
Thames Quarter, a development of one, two and three-bedroom apartments, is the latest deal made on behalf of the M&G UK Residential Property Fund managed by Alex Greaves. Watkin Jones will act as developer and contractor with the opportunity acquired from Lochailort.
It will include 930 m2 of facilities including a residents’ lounge overlooking the Thames, a tech hub, cinema, dining rooms and roof terraces. Reading station, soon to be part of the Crossrail network, is less than a three-minute walk away from the building with the fastest trains taking just 25 minutes to Central London. The property will be ready for occupation in 2021.
Alex Greaves, head of residential investment at M&G Real Estate, commented: 'Thames Quarter provides scale, first class amenities, intelligent design and goes a little way to addressing the shortage of quality private rented accommodation in Reading.'