Forward funding deal agreed for Holloway Head development
A £98m forward funding deal has been agreed for Holloway Head, the 484-unit build-to-rent scheme in Birmingham city centre.
Invesco Real Estate is investing in the 17-storey development with work expected to begin this year.
Invesco Real Estate’s residential investments managing director John German said: “Adding Birmingham to our growing portfolio is a great next step due to its positive market outlook, growing reputation as a business destination and positive rental growth outlook.”
Invesco has already invested in Liverpool and Manchester as it looks to the regions. Its UK residential fund now holds 12 developments with around 2,300 units.
Holloway Head is being developed in partnership with High Street Residential.
“Birmingham is undergoing significant regeneration and represents a great place to invest,” said Gary Forrest, chairman of The High Street Group of Companies.
“Local demand for professionally managed, purpose-built rental accommodation is rising quickly and in response, we are creating high-quality living spaces, future-proofed through the use of the latest smart technologies.”