Watkin Jones PLC will receive £68.5 million of development funding from M&G Real Estate for the construction of a 315-apartment build-to-rent scheme in Reading, U.K.

Under the agreement, signed with M&G Real Estate and Lochailort, the U.K.-based developer will start construction on studio, one-, two- and three-bedroom apartments immediately.

The project is slated for completion in 2021.

Watkin said in its trading update that it holds five build-to-rent sites and is in talks for other development opportunities. It aims to deliver more than 1,500 units in the following five-year period.