Grosvenor Property has sold a 1,548-home build-to-rent project in Bermondsey, south-east London to to partners Greystar and the Abu Dhabi Investment Authority.
The project which will occupy the site of the former Peek Freans biscuit factory, will also include extensive play and public spaces, including a large public roof terrace and pedestrian walkways. The project also includes 150,000 sq ft (13,935 sq m) of employment space, a new secondary school and cultural and retail spaces. The designs incorporate historic buildings.
The price has not been disclosed but is understood to be almost £1 billion.
Mark Allnutt, Senior Managing Director – Europe, Greystar, said: “The acquisition of Grosvenor’s Bermondsey development site represents another milestone reached in our ongoing strategy to develop thoughtfully designed and professionally-managed rental communities, particularly in light of the current shortage of high-quality rental property in the capital.”
Greystar and ADIA announced their new strategic partnership in December 2021, jointly committing up to £2.2 billion to develop BTR housing in London and surrounding commuter towns.
Since entering the UK market in 2013 Greystar has built up a property portfolio worth £6.5 billion, with more than 14,300 units of both multifamily rental and student accommodation.
Grosvenor said it will reinvest the capital from the sale into growth opportunities in its London portfolio and regional investment business.