Apsley House Capital and Galliard Homes JV seal Build to Rent forward funding deal with BlackRock Alternatives
Birmingham — A joint venture between Apsley House Capital Plc and Galliard Homes Limited has today announced the forward funding of a 628-home bespoke Build to Rent (BTR) development in Birmingham to an established JV between BlackRock Alternatives and Outpost Management.
Located in Southside district of central Birmingham, Lower Essex Square will deliver 628 BTR apartments (including on site affordable housing), residents’ amenity space and affordable community space. Its three buildings will be set around landscaped gardens providing the highest quality residential spaces.
Lower Essex Square is the JV’s latest residential development in Birmingham and underscores the partnership’s commitment to the city – delivering over 2,500 new homes in 5 years. To date, Galliard and Apsley have already delivered 379 at Timber Yard; and completions began earlier this year at the new 752-unit BTR community at Soho Wharf’ (forward funded by Heimstaden Bostad); other ongoing projects include the recent acquisition of the former Selly Oak Sainsbury’s site, the delivery of 435 new homes at Belgrave Middleway and the mixed-use development at St Paul’s Quarter.
BlackRock Alternatives began its UK BTR journey in 2021, working with Outpost Management to deliver best in class BTR developments across the UK. Focused on delivering convenient, efficient, service-led living to the UK rental market, the BlackRock / Outpost partnership has one asset in London (Kings Cross).
Savills, Howard Kennedy and Gowlings advised Apsley House Capital Plc and Galliard Homes Limited and
BlackRock Alternatives was advised by Simmons & Simmons, CBRE and Cast Consulting.