Bangor-based Watkin Jones is to deliver the first built to rent (BTR) development in Northern Ireland after striking a forward financing deal for the near 800 new home scheme.
The Alternative Investment Market listed firm and the UK’s leading developer and manager of residential for rent - in partnership with Lacuna Developments- has secured £155m from L&G and Clanmil Housing Association for the Loft Lines scheme at Belfast’s waterfront Titanic Quarter.
It will provide 627 BTR apartments and 151 affordable homes, ranging from studio to three bedroom apartments. The Titanic Quarter was previously home to world leaders in innovative engineering and was a hub for the renowned shipbuilding company, Harland and Wolff.
On completion the homes will be owned by L&G and Clanmil Housing Association.
Alex Pease, chief investment officer, Watkin Jones, said: “We are delighted to have secured institutional investment from both L&G and Clanmil Housing Association for this landmark scheme in Belfast’s iconic Titanic Quarter. This is further evidence of the attractive investment and operational fundamentals of both BTR as a sector and Belfast as a city and a good sign of capital markets re-opening.
“Watkin Jones has a strong track record of developing large regeneration sites and we are delighted to bring the first BTR scheme to the city of Belfast. Titanic Quarter will develop an area that is steeped in rich history, transforming this brownfield site into a thriving place to live and acting as a catalyst for wider regeneration. We are very pleased to continue investing to support Belfast’s ambitions.
" The development is being brought to fruition by a true partnership approach between all stakeholders and funders and we are grateful for the genuine collaboration we have experienced with our partners. The scheme offers excellent employment opportunities with growth across many industries in the city. "
Mike Powell, head of BTR transactions, L&G Investment Management Real Assets, said: “We are proud to be making the largest ever private sector investment into housing in Northern Ireland. A long-term investment that will allow for the continued regeneration of the Titanic Quarter and crucially support the growing housing demands of the city.”
L&G were advised by CBRE.
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