Investor M&G Real Estate and Crest Nicholson have signed a deal for 97 new private rented sector homes in Bath.
Under the agreement M&G Real Estate will provide £25.2m to fund the development of 97 apartments as part of a wider regeneration scheme by Crest Nicholson.
The housebuilder is acting as both the developer and contractor on the Bath Riverside regeneration scheme within Bath city centre.hou
Tenants are expected to be able to move into the flats between February and October 2016.
M&G Real Estate head of residential investment Alex Greaves said: “It is our hope that the involvement of institutions like ours will lead to more homes coming on tap and higher standards, just as it has done with the student accommodation market.”
Crest Nicholson executive board member Chris Tinker said: “This type of partnership agreement could mark a step change and acceleration in the PRS model which will ultimately help unlock land, create jobs and bring wider economic benefit as well as bringing forward the delivery of much needed new homes and mixed tenure communities.”