EcoWorld London has completed its second build-to-rent (BTR) scheme, with 487 homes at Kew Bridge, Brentford. It is the final project to be completed as part of EcoWorld London’s record £400m deal in 2018 with Invesco Real Estate, the global real estate investment manager, marking one of the most significant commitments into the UK BTR sector.
The final phase of the BTR homes was officially handed over to management firm Apo, a sister company of EcoWorld London, in July 2022. Over 50 per cent of the homes have already been let or reserved by Apo, putting it comfortably ahead of its target.
The handover of the BTR homes at Kew Bridge formally marks the completion of the £400m transaction with Invesco Real Estate on behalf of one of its major US clients, for whom this was its first residential investment in the UK.
This milestone follows recent leasing success at Barking Wharf, the first scheme EcoWorld London completed as part of the Invesco Real Estate deal. The 595 homes in Barking were let in just 14 months, seven months ahead of expectations. Apo now manages the BTR homes on both schemes.
Heng Leong Cheong, the ceo of EcoWorld London, said:
“The successful culmination of this landmark investment deal is a major milestone in our BTR journey. We have worked closely with Invesco Real Estate and all our partners throughout to ensure that, despite the challenges posed by both Brexit and Covid-19, we delivered a scheme which truly resonates with customers and reflects the changing nature of urban living.
Investors are keen to get exposure to more operational forms of real estate, and, with our development expertise and Apo’s operational know-how, we can support them throughout that process. This latest successful delivery and leasing is further proof to us that BTR has a long-term future in the UK, and we look forward to putting our experience to bear on more BTR schemes as we progress our ambition of becoming the industry’s leading BTR developer.”
Matthew Pullen, CEO of Apo Group Ltd, said:
“Looking at the site now, it’s amazing to see the transformation from an under-utilised piece of land to a vibrant new community. Since launching, we’ve really seen the growth of a genuine community within the development and an enthusiasm for being active participants in the wider local community. The scheme has extensive amenities for our residents, which will combine with new shops and cafes to create a great place to live. Our progress with lettings so far shows that the combination of product and living experience that we offer has a great market in West London.”
John German, Managing Director, Residential Investments at Invesco Real Estate, said:
“The successful delivery of the second of our two BTR schemes with EcoWorld is a key moment in the delivery of this combined investment for our investor. We continue to see the benefits of our ongoing relationship with both EcoWorld and Apo, as the Kew BTR property has already performed ahead of our expectations, which is a great credit to all involved.
We look forward to working with both the EcoWorld and Apo teams across these two investments and to the possibility of future opportunities to continue this successful relationship.”
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