US real estate investor throws its weight behind city centre scheme

US investor Cortland Group is backing the build-to-rent component of a £300m development in Leeds city centre.

A joint venture between Marrico and Helios will deliver the £138m residential element of the Lisbon Street development – which includes 629 apartments – in partnership with Cortland.

Cortland will own and operate the apartments through the funding deal.

Construction of the two buildings – one 33 floors and the other 22 – will start this summer and complete in mid-2024. The project also includes 14,000 sq ft of amenity and commercial space.

Richard Bland, partner, Marrico Asset Management said: “We are pleased to have signed this deal with Cortland for our flagship scheme in Leeds. This will be one of the city’s landmark buildings and we believe will set new standards in BTR accommodation in the city.’

The Lisbon Street site, acquired from Leeds City Council by Marrico and Helios last year, also incorporates 500 purpose built student accommodation units and a further two phases for hotels and offices. Marrico and Helios will now focus on unlocking the next stages of development at the site.

Helios chairman Trevor Cartner, added: “Leeds is one of the biggest markets for BTR outside of London and we are developing a best in class building for Cortland. We will now focus our energies on the remaining phases of the site.”

Cortland has been ramping up its presence in the UK’s residential market over the last three years. The firm landed with a takeover of LIV Group in 2019.

BNP Paribas Real Estate acted for the Marrico Helios joint venture on Lisbon Street.