Winvic bags £50m Leicester build to rent scheme

Aaron Morby 6 years ago
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Winvic Construction is preparing to start work on a £50m project to build rental flats at the Waterside regeneration area in Leicester.

Build to rent scheme will be built along the banks of the River Soar
Build to rent scheme will be built along the banks of the River Soar

Developer Code is pressing ahead with the 380-flat scheme at the Merlin Works site after securing forward funding from Cording Real Estate Group in the first deal for its new £400m UK Residential Investment Fund.

It is Winvic’s second built-to-rent project with Code following a major student scheme of nearly 1,000 rooms in Coventry.

The new build-to-rent project has been designed by Leicester-based architect Staniforth and will consist of a block made up of three towers – 10, 14 and 16 storeys high.

Charlie Miller, director of residential acquisitions at Cording, said: “Leicester is a fantastic location for the fund’s first build-to-rent investment.”

The Cording UK Residential Investment Fund was launched in August with equity commitments of more than £100m from German institutional investors. Cording is expecting to raise an additional £150m of equity commitments from Continental European institutional investors.

Using leverage, the fund will have £400m to create a diversified portfolio of PRS assets, delivering sustainable and stable distributions over a long-term holding period.

 

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