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Invesco Real Estate funds UK build-to-rent residential project

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Invesco Real Estate funds UK build-to-rent residential project

Invesco Real Estate is forward-funding the development of 383 build-to-rent residential units in Liverpool City Centre in North West England, IPE Real Assets reported.

The real estate investment manager acquired the project as part of its U.K. residential strategy for roughly £86 million. It is partnering with residential developers Patten Properties and Panacea Property Development on the project, which will take the place of a vacant office building on the development site at 21 Strand St. and is scheduled for completion in June 2020.

An Invesco executive said the project would expand the company's build-to-rent development pipeline in the northwest U.K. region to 646 units, according to the publication.