UK residential landlord Grainger said its property joint venture with Transport for London is forward funding and buying a 195-home rental project at Chiswick Reach in West London to be developed in partnership by Barratt Redrow.
The £68.4m purchase price for the scheme will be split 51:49 between Grainger and TfL's Places for London property development arm.
It also marks the first time Grainger has partnered with a major UK housebuilder on a build-to-rent project.
Grainger said the project will include 95 discounted market rent homes and 4,299 sq ft of commercial space. Chiswick Reach is located on former railway land on Bollo Lane, West London, and is close to Chiswick Park station on London's District Line and the South Acton overground stations.
Reporting by Frank Prenesti for Sharecast.com