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Thu March 21 2019

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Funding deal for Telford's Walthamstow development

19 Feb Telford Homes has secured funding for a build-to-rent development in London by forward selling it.

Equipment Works
Equipment Works

Greystar and Henderson Park partnership has agreed to pay Telford Homes £105.5m for a planned development of 257 build-to-rent homes in Walthamstow, known as Equipment Works.

This is the third time that Telford Homes has worked with Greystar following recent deals in Greenford and Nine Elms.

The sale of Equipment Works, on the site of the former Parkdale industrial site, is on a forward-funded basis and will comprise an initial land payment followed by regular payments throughout the construction period and a final profit payment. The development is already under construction and is expected to be completed in late 2021.

Telford Homes bought the site from U+I and Parkdale Investments in 2017 for £33.9m.

Telford Homes chief executive Jon Di-Stefano said: "We are delighted to have secured another forward-funded, build to rent sale and especially to have further cemented our strong relationship with Greystar. This transaction demonstrates our increasing commitment to London's growing build to rent market and underpins our strategy to continue to scale our build to rent pipeline whilst providing certainty over future revenues and cash flows and delivering excellent returns on capital."

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