Railpen, the investment manager for the £35bn Railways Pension Scheme, has announced it has entered into a £92m funding deal with real estate specialists Revenue + Capital and developer Fifth Capital to develop 198 build to rent apartments at Trocoll House in Barking.
Railpen has acquired the land from Revenue + Capital with a 50-year lease to be granted to the London Borough of Barking & Dagenham upon practical completion in 2025. The development was brokered and structured by Revenue + Capital.
The acquisition has a strong ESG focus. The delivery of 198 build to rent apartments, 35% of which are affordable, above Barking & Dagenham’s policy of 25%, will help tackle the local housing shortfall. Trocoll House will provide good quality private rental accommodation and affordable housing for local people and young professionals looking to move to the area. The purchase is also subject to green lease clauses, obligating the tenant to maintain sustainable responsibilities throughout the operation and occupation of the development.
Source