Investment firm BlueCastle Capital has snapped up a 348-home build-to-rent (BTR) development in the centre of Leeds, pushing the value of its full UK portfolio above £1bn.
The development, acquired for an undisclosed sum from Prescient Capital, has already secured planning permission and forms part of the redevelopment of the former Yorkshire Post headquarters on Wellington Street.
The acquisition expands the firm’s UK build-to-rent development pipeline to £1.1bn and will form part of the seed portfolio for its UK BTR fund.
BlueCastle has now invested around £70m in acquiring and progressing five BTR development sites, which together will provide around 2,500 homes across Leeds, Birmingham, Stevenage, Cardiff and Sheffield.
This includes the former Marks & Spencer Birmingham central store, acquired last year, with plans to develop a 50-storey residential tower with around 500 homes
BlueCastle chief executive Ed Williams said expanding the firm’s BTR portfolio marks “a significant moment for the business and reflects the scale of our ambition”.
He added: “We believe we are building the highest-quality build-to-rent development pipeline in the UK, with each site selected for its location, fundamentals and long-term relevance to renters.
“Leeds stands out as one of the country’s most compelling rental markets, underpinned by employment growth, a young and skilled population and long-term regeneration.
“Securing a site of this quality within the Wellington Place quarter allows us to deliver a scheme that meets the needs of modern renters, while contributing positively to the city’s evolution.”
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