M&G Real Estate has agreed to finance the 315-unit build-to-rent Thames Quarter scheme adjacent to Reading Station. Construction is to begin immediately with completion targeted for 2021.
Features for residents will include 10,000 sq ft of facilities such as a residents' lounge overlooking the Thames, a tech hub, cinema, dining rooms and roof terraces. Watkin Jones will act as developer and contractor on the scheme, under which it will receive £68.5m for the development works.
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Overall, M&G Real Estate's finance decision brings their investment in the residential sector to around £900 million.
Alex Greaves, Head of Residential Investment at M&G Real Estate, said: "Thames Quarter provides scale, first class amenities, intelligent design and goes a little way to addressing the shortage of quality private rented accommodation in Reading."
Mark Watkin Jones, Chief Executive of Watkin Jones, said: "We are delighted to have been chosen to work with M&G and Lochailort to deliver this high specification build to rent scheme in Reading.
"It is particularly pleasing that our partners recognised our development expertise and we see this as a catalyst to securing more build to rent development opportunities. The development agreement for the Reading scheme replicates the delivery elements of our student accommodation model and, alongside the excellent visibility in our student accommodation development business, reinforces our confidence in our business model and the markets in which we operate."
(LM/MH)
