Patrizia, the German build-to-rent investor, has completed the forward purchase of one of the buildings in Fairview’s Regency Heights development in Park Royal.
They will buy the 16 storey, 102-unit residential tower for €45 million (£40.3 million) on behalf of one of its institutional clients.
Once finished in spring 2021, the 6,800 sqm tower, which is part of the Regency Heights development in Park Royal, will contain a mix of one-, two- and three-bedroom apartments across 16 floors. Regency Heights is on the edge of Park Royal, close to Hanger lane.
Phil Irons, Head of Transactions for the UK and Ireland at Patrizia, said: “There is a big demand imbalance of affordable residential housing which is expected to persist for the foreseeable future, in the UK. Plus, investors are likely to increase their allocations to residential assets, as an attractive substitute for currently low yielding fixed income. In addition, rent collection in the residential sector has remained robust throughout the COVID-19 pandemic and we are confident that this latest investment in London will deliver strong, reliable returns to our investors.”
Phil Irons added : “What sets us apart in the residential space is that we operate and manage many residential assets ourselves thanks to our local experts on the ground.”