21 May PLATFORM_ forms JV with Northwood Investors to develop and operate BTR assets across the United Kingdom
PLATFORM_ and Northwood Investors have formed a new joint venture to develop and operate Build to Rent apartments across UK regional centres in England, Scotland and Wales.
The venture will initially develop a portfolio of 1,039 apartments including:
- PLATFORM_ Glasgow, comprising 498 apartments, located at Central Quay in the Finnieston neighbourhood immediately to the west of the city centre, and overlooking the River Clyde
- PLATFORM_ Sheffield, comprising 335 apartments, located on Sylvester Street in the Moor Quarter, within the city centre.
- PLATFORM_ Cardiff, comprising 206 apartments, located immediately to the south of Cardiff Central rail station
These buildings will be amongst the first Build to Rent developments to complete in each city. They will deliver high quality, purpose-designed accommodation, with a full range of resident amenities including dedicated outdoor spaces and intuitive customer service. The three projects are scheduled to complete in 2022 and 2023.
The joint venture was advised by Eastdil Secured and Franklin Bay. BCLP acted as lead counsel for Northwood Investors and Travers Smith acted for PLATFORM_.
Jean-Marc Vandevivere, Chief Executive of PLATFORM_, said:
“We are delighted to have formed this partnership with Northwood Investors to accelerate our delivery of new homes for rent in Cardiff, Glasgow and Sheffield. We are looking forward to being amongst the first Build to Rent operators in these dynamic and growing cities and providing our new residents with thoughtfully designed accommodation and excellent customer service at affordable rents.
Northwood Investors have a vast amount of experience in developing and operating Build to Rent assets in the US and so we are excited about the benefits of combining our expertise to develop great homes across the UK.”
Stewart Knight, Acquisitions Director of PLATFORM_, said:
“Beyond this initial portfolio, we have a strong secured pipeline of another 1,500 apartments. We continue to target new investments in London and major regional centres across the UK to create a large-scale, national, branded Build to Rent portfolio.”