Aberdeen Standard Investments has acquired a build-to-rent scheme at the former Abbey Sport Centre in Barking, east London, for £50m.
It has agreed to forward fund Lindhill’s 170-home development in Barking town centre.
The deal was agreed prior to the pandemic and completed during lockdown, without any discount to the acquisition price.
The development comprises one, two and three-bedroom flats, with 60 affordable homes, equating to 35% of the total.
It will also provide a residents’ lounge, co-working space, a cinema and office space for healthcare consultancy Care City.
The scheme is expected to complete and open by Q3 2022.
Robert McDonnell, residential fund manager at Aberdeen Standard Investments, said: “We are continuing to look for well designed schemes in vibrant locations to provide high-quality rental accommodation at levels that can be afforded by the local market.”
Knight Frank advised Aberdeen Standard Investments; Avison Young advised Lindhill.
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