International investor funds 375-home build-to-rent scheme
Heim Global Investor has announced its first UK investment, the 375-home build-to-rent development BeckYard in the South Bank regeneration area of Leeds.
This is being forward funded by Heim, with McLaren Living acting as developer, and with strong support from West Yorkshire Combined Authority.
Construction has begun on site, with completion expected in early 2027.
Heim, a European residential specialist investment manager, confirmed in April that it had launched a new closed-ended UK residential build-to-core fund targeting £800m of equity commitments which plans to develop 5,000 new mid-market rental homes across the UK.
The BeckYard development in Leeds marks Heim’s first investment, brought forward by McLaren Living, combining McLaren’s residential and local expertise with Heim’s knowledge of the residential sector.
BeckYard is being built by HG Construction. The new homes will consist of two buildings up to 26 storeys.
The development is being fully funded by Heim, with grant support from the West Yorkshire Combined Authority’s Brownfield Housing Fund.
Head of UK Investments at Heim Global Investor, Christian Birrell, said: “We are thrilled to announce our first investment for our UK build-to-core fund in Leeds.
“This project is just the first of many projects we plan to deliver, as we develop a 5,000 plus unit portfolio targeting midmarket rental homes across the UK’s key cities.
“Leeds is a strong city with an undersupply of affordable rental homes, and we are happy to be working with such a strong development partner in McLaren Living.
“BeckYard marks the first investment in our UK fund, and we are currently looking at an interesting pipeline of deals across the UK.”
Matthew Biddle, managing director, McLaren Living, added: “This is a pivotal moment for BeckYard. Through our trusted partnership with Heim we’ve secured forward-funding for a major build-to-rent development in Leeds city centre.
“The best locations and cities across the UK Build-to-Rent continues to be a resilient sector and we are committed to working with our partners to deliver our strong pipeline of projects.”
