Edmond de Rothschild Real Estate Investment Management (REIM) has acquired prime waterfront property in Gateshead, UK for a GBP 50 million rental housing project.
The project on the Brett Wharf site on the River Tyne, acquired by Quartus Developments, is the eighth project for the Edmond de Rothschild Residential Investment Fund UK, which is working on behalf of European institutional investors in the private UK rental housing sector.
The project comprises 269 two and three-room apartments as well as commercial space, offices, cafés and restaurants. Construction will begin in October and will be carried out by Tolent Construction and is expected to be completed in May 2024. Edmond de Rothschild REIM operates a vertically integrated platform that provides development services during the construction phase and takes over the rental and management of the completed project by the in-house housing team.
“Brett Wharf is part of the ongoing renovation of Gateshead’s waterfront and will be a vibrant new place to live. In line with the fund’s strategy, we will offer high-quality rental apartments at affordable prices,” said Charlie Miller, Co-Head of Residential in the UK and Director of Residential Transactions at Edmond de Rothschild REIM.
The Edmond de Rothschild Residential Investment Fund UK was launched in August 2018 and has so far raised equity commitments from European institutional investors of around GBP 260 million. The fund aims to build a diversified PRS real estate portfolio that delivers sustainable and stable distributions over a long-term holding period.
With his extensive research, Edmond de Rothschild REIM focuses on the lower to mid-range rental price segment and has identified cities and locations outside central London where the demand for rental apartments is strong and will continue to grow, and where the stock is predominantly old and consists of multi-family houses (HMO).
The Fund’s other seven acquisitions were also Forward Funding Agreements – the Merlin Wharf Project and Wellington House in Leicester, a plot of land in the Stadium Quarter development in Warrington, a plot of land in the historic center of Nottingham, the entire site of the former Kent Street -Baths in central Birmingham, acquired in two parts, and the Market Quarter development in Rugby.
