5th Mar 2019 10:25
LONDON (Alliance News) - Residential property developer Telford Homes PLC on Tuesday said it has selected M&G Real Estate and Invesco Real Estate as its build-to-rent partners for forward fund transactions.
M&G Real Estate, which is part of Prudential PLC's investment manager M&G Prudential, will become Telford's priority partner for schemes including up to 200 build-to-rent homes, which are likely to represent between GBP75 million to GBP100 million in capital value.
Invesco Real Estate, the real estate management arm of Invesco Ltd, will be Telford's priority for a scheme that includes more than 200 homes.
Both M&G and Invesco have signed partnerships with Telford for an initial three-year period, but it expects the partnerships to be extended.
"We have been consistent in highlighting our desire to significantly increase our build to rent pipeline over the next few years. It is therefore a major step forward for us to announce that we have attracted these two extremely well-respected, experienced and ambitious institutional investors as long term partners. Furthermore it underlines our reputation as one of the build to rent developers of choice in London," said Chief Executive Jon Di-Stefano.
Shares in Telford Homes were up 1.6% at 303.89 pence on Tuesday.
Related Shares:
PrudentialTelford Homes