Weston Homes has formed a second major forward fund Build-To-Rent (BTR) agreement with Royal London Asset Management Property, securing a £36m deal for the Town Quay development in Barking.
Under the terms of the agreement, Royal London Asset Management Property will purchase 85 units across two buildings while also entering into a development agreement with Weston Homes to construct the project.
This agreement marks another significant milestone between Weston Homes and Royal London Asset Management. It follows the previous £110.1m BTR agreement between the companies for all 349 units at the Bracknell Beeches development in Bracknell.
Town Quay is a £50m mixed-use development which will provide 147 newly built one-, two- and three-bedroom apartments, with a 42% affordable housing allocation and 10,764 sq. ft. of commercial space.
Bob Weston, chairman of Weston Homes, said: “We are delighted to continue working together with Royal London Asset Management Property at our Town Quay development.
“This second forward fund agreement further solidifies our relationship and demonstrates the confidence in our ability to deliver high-quality residential projects.
“We have now undertaken BTR deals worth a combined total of £146.1m with Royal London Asset Management Property.
“We look forward to bringing this development to fruition and continuing to explore further opportunities.”
Mark Evans, head of property at Royal London Asset Management, added: “This second venture with Weston Homes highlights our commitment to expanding our residential portfolio.
“Town Quay aligns with our goal of delivering sustainable, high-quality rental housing in prime locations, providing long-term value for our investors and future residents.”
