German investment fund acquires £50m BTR scheme
AM ALPHA, a global family office for real estate investments, has acquired the “Westminster Works” project development in Birmingham, comprising 220 build-to-rent apartments.
The Munich-based firm acted on behalf of several investors who are represented by a pension fund manager from Hamburg.
Westminster Works, located on Alcester Street in Digbeth, will be set over seven storeys and comprise a mixture of one and two-bed apartments. The complex will be equipped with thermal air conditioning and a photovoltaic system as well as having green roofs.
Residents will have access to amenities, including a concierge service, 24/7 security, a gym and smart building technology.
According to the Construction Enquirer, Torsion Construction will now complete the scheme for new developer Hadrian Real Estate. Work ceased on the scheme two years ago after The High Street Group went into administration. The original main contractor was Metnor Group which went also into administration earlier this year.
Martin Lemke, managing director of AM ALPHA said: “The first blue chip companies from London have already relocated to Birmingham. This influx of companies will further increase the already high demand for residential space.
“More and more people are opting for rental flats in city centres. We are already seeing a rise in rents for high-quality build-to-rent flats – especially in well-connected urban areas.
“For strategic investors, investments in build-to-rent buildings offer enormous growth potential. We will continue to expand our portfolio in the dynamic growth regions of the UK”.
