Ballymore eyes BTR market in UK
Developer Sean Mulryan's Ballymore has signalled its intention to enter the rapidly-expanding build-to-rent (BTR) sector in London.
The Roscommon-born developer and his Singapore-headquartered development partners, Oxley Holdings, are seeking £150m (€170m) in funding from an investor to fund the delivery of 272 new rental homes at Deanston Wharf in the city's docklands.
"There is a lack of high-quality options for the thousands of people in London that wish to have the flexibility of renting," said Ballymore's UK managing director, John Mulryan.
"By entering the build-to-rent market with Deanston Wharf - the first of many build-to-rent properties we are planning - we will provide the same high-quality homes that Ballymore is renowned for in this growing market." Ballymore's move into the UK's BTR sector is hardly surprising when one considers the sheer weight of capital targeting the market.
A recent report by CBRE estimated that international investors intend to deploy in the region of €30bn across London and other major UK cities.
A number of major British investors, including Legal & General and M&G, have already entered the BTR market, while Quintain, which is backed by US private equity giant, Lone Star, is in the process of delivering thousands of new rental homes.
Quintain's development of Wembley Park near Wembley Stadium in London is being billed as the UK's single largest build-to-rent site. The scheme includes the construction of 7,500 new homes and a seven-acre park.