M&G Real Estate has agreed a £82.7 mln (€93 mln) deal with UK housebuilder Redrow Homes to acquire 186 residential assets in north London.
The deal includes one, two and three-bedroom build-to-rent properties at Redrow’s £1.2 bn (€1.3 bn) Colindale Gardens development in Colindale, north London.
Alex Greaves, head of residential investment at M&G Real Estate, commented: ‘This new deal with another top UK house-builder increases our ongoing development pipeline, offering our investors the opportunity to continue capitalising on the UK’s rapidly growing private rental market.’
The acquisition has been made on behalf of the M&G UK Residential Property Fund.
The completion of the build-to-rent units is expected by 2021.