“Landmark” £300m funding deal to deliver over 750 new homes across London

Telford Homes and a joint venture between Ridgeback Group and Angelo Gordon have announced the completion of a “landmark” £300m forward-funding deal to deliver a diversified portfolio of three high-quality built-to-rent (BTR) developments across London.

The deal will provide over 750 purpose-built BTR homes across three sites, Capital Interchange Way in Brentford, Mill Road in Ilford, and the former Metroline Bus Garage in Alperton, and marks a major milestone for Telford Homes as it continues to build its growing BTR pipeline as a Trammell Crow Company Developer.

The JV will forward fund 223 BTR units at Capital Interchange Way, which is Telford Homes’ first BTR project in Brentford and will include 45,000 square feet of commercial and retail space, 197 affordable homes, and improvements to the public realm.

The acquisition includes 211 BTR homes and 12 Discounted Market Rent (DMR) homes, a residents’ gym, a lounge and co-working space spread across the ground and top floors of the development, and gardens and terraces above a first-floor podium.

Each scheme will be delivered in accordance with Telford’s ‘Building a Living Legacy’ strategic ambitions. For example, the residential elements will deliver a 46 to 57 per cent reduction in regulated carbon emissions, beyond Building Regulations requirements.

Additionally, BREEAM Excellent ratings are targeted for the commercial and retail space in each development. As part of Telford’s social value strategy, at least 62 new apprentices will be employed through the value chain.

Charlie Weatherill, capital markets director at Telford Homes, commented: “We’re delighted to be working with Angelo Gordon and Ridgeback on these three developments, which will provide much-needed build-to-rent homes in some of London’s most exciting neighbourhoods.

“Angelo Gordon and Ridgeback share our vision to create high-quality, sustainable rental communities that will deliver enduring value for communities, residents, and investors. This deal is an important step forward in our strategy to scale our build-to-rent pipeline and become the go-to partner for high quality rental accommodation in the capital and beyond.”

George Bossom, partner at Ridgeback Group, added: “Ridgeback, alongside our JV partner Angelo Gordon, is pleased to be working with Telford Homes to bring forward these three landmark developments to help meet the needs of the modern renter in these underserved locations.

“This acquisition demonstrates our continued appetite for investment in London and our objective to deliver high-quality homes for rent across the country.”

By Matthew Neville – Senior Correspondent, Bdaily