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M&G and Telford Homes sign £49m west London PRS deal

M&g real estate carmen street bow

M&G Real Estate and Telford Homes have signed a £49m deal to build 125 new private rented flats in west London.

Real estate investor M&G will finance the scheme while Telford Homes will act as developer and contractor on the scheme, known as The Forge, which will provide 125 private rented homes across six blocks.

The project is set to complete in September 2019.

It is the second collaboration between the two firms, after they previously teamed up to fund and build a £69.3m 150-home development in Bow (pictured), also in east London.

M&G Real Estate ‎head of residential investment Alex Greaves said the investor would be looking forward to “exploring a more formal partnership” with Telford Homes in 2017.

“This deal further demonstrates our ability to deploy capital and our continued commitment to increase the supply of high quality, sustainable rental communities to London’s housing market,” he said.

“Our residential strategy provides a route to delivering much needed housing stock at a much quicker rate and, in time, thousands of well-managed rental properties.”

In June this year, Telford Homes revealed a development pipeline that could be worth as much as £1.5bn.

In its most recent results, the company reported record revenue of £245.6m for the year to 31 March 2016, up by 42 per cent, from £173.5m in its previous results.

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