London-based real estate investment firm Cording Real Estate Group has landed the third transaction for its new 400 million pounds ($521.3 million) Cording UK Residential Investment Fund.
UK Residential Investment Fund has agreed to forward finance a build-to-rent development by UK-based Abode Nottingham in the Lace Market area of Nottingham for $22.5 million.
The development comprises more than 380 one and two-bed apartments and construction will commence on site in November and is expected to be completed in autumn 2020.
Cording UK Residential Investment Fund commits in the private rented sector (PRS) on behalf of Continental European backers. Using leverage, the vehicle will have the capital to create a diversified portfolio of PRS assets, delivering sustainable and stable distributions over a long-term holding period.