Hopkins Homes has agreed a £40.6 million deal with Invesco Real Estate, which represents a first for both companies.
The PRS deal at Beaulieu in Chelmsford will see the development of 99 Build-to-Rent homes for Invesco Real Estate, part of a wider Beaulieu development, where Hopkins is building 246 properties.
It is the first PRS arrangement for both organisations.
Duncan Jackson, managing director of Hopkins Homes, which is part of the untypical group, said: “This deal is an important milestone for Hopkins Homes as it sees us successfully diversifying our approach to new developments.
“With the private rental scheme sector continuing to expand in response to affordability challenges in the housing market, this agreement reinforces our commitment to addressing evolving housing needs while also strengthening our market position in the region.
“Beaulieu marks another first for us as we introduce timber frame construction for the first time. This approach allows us to deliver homes more quickly and efficiently, whilst enhancing the energy efficiency of our homes and lowering our embodied carbon footprint.”
Rob Johnston, managing director and head of investments, UK & Nordics at Invesco Real Estate, said “We are delighted to have agreed a deal that will see Hopkins Homes deliver a range of distinctive new homes from one to four-bedroom properties, including apartments.”
“Situated near London, Chelmsford is a dynamic city with exceptional transport connections. This PRS deal will enhance the housing options for those seeking to reside in an area that’s not only conveniently close to the capital but is also emerging as a growth centre. Chelmsford’s vibrant atmosphere and strategic location make it an increasingly attractive choice for residents and businesses alike.
“We are proud to add this scheme to our German institutional investor’s growing pan-European residential portfolio.”
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