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Fri September 20 2019

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Funding secured for £98m Birmingham BTR scheme

6 days Invesco Real Estate and High Street Residential have agreed financial terms on a £98m build-to-rent (BtR) development in the centre of Birmingham.

How Holloway Head could look
How Holloway Head could look

Invesco's forward funding deal means that construction of the first phase, a 17-storey building, will now start before the end of 2019.

The development, called Holloway Head, is being built on a site between Blucher Street, Gough Street and Ellis Street in Birmingham that is currently a car park and a Girl Guides headquarters. It will ultimately have 484 flats for the private rented sector, according to plans.

Invesco Real Estate managing director of residential investments John German said: “Birmingham is our third major UK regional city of investment following our commitments in Liverpool and Manchester. Adding Birmingham to our growing portfolio is a great next step due to its positive market outlook, growing reputation as a business destination and positive rental growth outlook. Holloway Head marks the 12th asset in our UK Residential Fund, bringing our assets under management to around £580m and approximately 2,279 units across the UK.”

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