Colliers has advised the newly formed joint venture between BlackRock and Outpost Management on the acquisition of its first build to rent (BTR) venture at 101 Camley Street.
The new partnership will build a £500 million portfolio of UK BTR assets in response to the increasing pressure in the market for residential assets. Camley Street in Kings Cross has been bought from LabTech Investments and comprises 121 flats, 30,000 sq ft of flexible workspace and will be developed to include a gym, a “sky lounge”, a private dining room and co-working zones.
Paddy Allen, Head of Operational Capital Markets at Colliers, comments: “There’s no denying that there is a weight of capital looking for exposure to the BTR and residential sectors at the moment andwe are pleased to have advised the new venture on an asset where there is the opportunity to create something really special in a highly sought-after location.”
Andrew Stanford, Head of BTR at Colliers, adds: “With London rents having climbed back quickly to pre pandemic levels and with more growth ahead, it’s a great time for this acquisition to complete. BTR continues to be an attractive asset class for investors and shows no sign of slowing in London and the UK regions.”
Colliers advised alongside Simmons & Simmons and Hollis.