The Irish real estate investment manager has made its first investment in the UK private rented sector in partnership with be:here, Willmott Dixon’s PRS company. 

IRE will buy the Hayes site on behalf of a UK local authority pension fund and Willmott Dixon will deliver the scheme at the Gatefold Building at the 18-acre old EMI factory redevelopment.

Andrew Telfer, chief executive of Regen, Willmott Dixon’s development division, said: “Invesco Real Estate’s link-up with be:here provides a further demonstration that the PRS will work for institutional investors, when the quality of product and service delivery is strong enough.

The site is a good example of those that be:here is targeting in its pipeline, with a local under-supply of quality homes for young professional renters and being located by what will become one of West London’s busiest Crossrail stations.

“We see this type of investment at scale as an essential part of creating a more sustainable housing market in the UK.

“It’s also an important milestone for be:here in its plan to create over 5,000 PRS homes over the next few years, something we are well on track to accomplishing with this and further projects now in the pipeline.”