Bridges Fund Management announced that alongside its developer partner HUB it has secured £108 million of forward funding from Canadian real estate investment company Realstar to build 488 lower-cost homes in Leeds.
“Latitude Blue is a significant residential-led regeneration scheme in Leeds which will be delivered by Realstar’s residential rental brand UNCLE,” said Bridges.
“Comprising 488 highly sustainable, lower-cost build-to-rent (BTR) homes, this is the second Leeds development from Bridges, HUB and Realstar; a forward funding deal was agreed on Latitude Purple, the adjacent site, in 2021.
“Together, Latitude Blue and Latitude Purple will make a significant contribution to the regeneration of this exciting area of Leeds by delivering 951 homes across both sites.”
This latest deal is the fourth between Bridges, HUB and Realstar, which also count two north London BTR developments as well as the two sites in Leeds – Wembley Link (currently under construction) and UNCLE Wembley (which opened in May 2020).
In total, the three-way partnership has now completed £370 million of forward funding deals, with 1,446 homes either completed or under construction.
Simon Ringer, Partner and Head of Property Funds at Bridges Fund Management, said: “Our latest forward-funding partnership with Realstar is further evidence of the strong institutional demand for high-quality, highly sustainable residential assets.
“Latitude Blue will perfectly complement our existing scheme in Leeds, addressing the clear local demand for quality lower-cost housing and creating attractive public realm that will benefit the whole community.”
HUB Managing Director Damien Sharkey said: “We are thrilled to have secured forward funding for our second development in Leeds, continuing our longstanding partnership with Realstar.
“This deal is testament to the quality of the scheme, and to HUB’s strong track record. Work has already started on site, and we look forward to delivering a scheme that will continue the transformation of this exciting area of Leeds, providing attainable homes for local people, as well as fantastic new public realm.
“The BTR sector is continuing to prove its resilience in turbulent times, and we are feeling optimistic about 2023, with further deals coming forward over the next few months.”
Ryan Prince, Vice Chairman of Realstar and Founder of UNCLE, said: “In the last 10 years we have continued to see demand for high quality rentals increase.
“Uncle is committed to creating neighbourhoods that benefit our residents and the local areas around them.
“Our newest Uncle Leeds does just that, bringing beautiful design, innovative common areas and great resident managers to an exciting area of Leeds.”