Realstar has agreed a £100m forward funding deal for its first build-to-rent scheme in Leeds.
The Canadian investor will bring its Uncle platform to the city, through a tie-up with Hub and Bridges.
Hub will build 463 flats in the first residential phase of the Doncaster Monkbridge Iron and Steelworks site development, previously called Latitude Blue.
Uncle has a £1bn portfolio concentrated in London, with one site in Manchester, owned jointly with QuadReal. The pair have been seeking expansion into the regions since expanding their partnership at the start of the year.
The deal is the third between the Hub Bridges joint venture and Realstar, following schemes in Wembley, bringing the total invested to £300m.
Ryan Prince, vice chairman of Realstar and founder of Uncle, said: “I launched Uncle to bring a sense of humanity and dignity to the renting experience. The creation of even more build-to-rent homes alongside proven development partners enables us to continue our vision of renting, as it should be.”
Hub and Bridges recently lodged plans for the second phase of the scheme, called Latitude Purple, adding a further 488 flats to the site. The jv bought the site earlier this year for £12m as part of an ambitious plan to grow in the regions.
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