M&G Real Estate is to finance 315 build-to-rent homes adjacent to Reading Station, bringing its investment in the residential sector to circa £900m.
Thames Quarter, a development of one, two and three-bedroom apartments, will be ready for occupation in 2021 and 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.
The scheme includes 10,000 sq ft of facilities including a residents’ lounge overlooking the Thames, a tech hub, cinema, dining rooms and roof terraces.
Alex Greaves, Head of Residential Investment at M&G Real Estate, said: “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.
“It’s no surprise that Reading’s dynamic economy, skilled workforce and amount of foreign investment has earned it a Financial Times accolade as one of the most business-friendly small cities in Europe. Many well-known corporations have based their headquarters there, supporting strong demand for housing. In addition to the superb transport links, it was the next obvious choice for the expansion of our residential portfolio and reflects our strategy to invest in areas with strong employment and quality infrastructure.”
M&G Real Estate has overseen circa £400m of investment since 2014, announcing the largest office letting in the Thames Valley market in a decade when SSE signed terms to occupy Number 1 Forbury Place in 2015.
Campbell Gordon represented M&G Real Estate and CBRE represented Lochailort.