M&G Real Estate has announced a £82.7m deal with Redrow Homes to fund the delivery of 186 build-to-rent properties on the 2,900-home Colindale Gardens scheme.
The agreement will see the construction of one, two and three-bedroom build-to-rent homes on the north London development.
It forms part of Redrow’s £1.2bn Colindale Gardens project, located on the site of the former Peel Centre Metropolitan Police training college.
Completion of the build-to-rent properties is scheduled for 2021.
M&G Real Estate head of residential investment Alex Greaves said: “This new deal increases our ongoing development pipeline, offering our investors the opportunity to continue capitalising on the UK’s rapidly growing private rental market.
“We look forward to continued deals of this stature in the sector, providing investors with the chance to increase their exposure to the residential market.”
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In March M&G agreed a £71m deal with developer Durkan to finance and build a private rented scheme in east London.
The firm has also been active in the Scottish market this year, acquiring Interserve’s Edinburgh Haymarket development site for £49.1m and unveiling plans for a £100m Glasgow office development.