Court Collaboration has entered into a funding partnership with PGIM Real Estate to support our acquisition and subsequent development of a build-to- rent scheme in Birmingham, on behalf of its closed PGIM Real Estate Capital VII (PRECap VII) fund. PGIM Real Estate is the US$208.7 billion real estate business of PGIM.
Located in Birmingham city centre, the new development plans feature circa 550 apartments with a range of amenities, subject to planning consent. The scheme, designed by CallisonRTKL, will see the Brindley Drive car park redeveloped, a location of strategic importance on the doorstep of many of the City’s public amenities, as well as the Paradise Redevelopment (a key urban mixed-use regeneration project in the heart of the city).
Andrew Macland, Head of European Debt for PGIM Real Estate said: “This financing loan demonstrates our continued focus on ‘create core’ real estate assets in liquid markets such as the UK. This focus is driven by the structural trends we identify in residential, a sector seeing a strong generational shift in living needs, with rising demand for premium housing. Having engaged with Court Collaboration for nearly two years, we are confident in their experience and network of strong local developers partnerships to be able to deliver this scheme and look forward to working together.”
The scheme will be delivered by specialist residential developer, Court Collaboration, which owns and manages over £1.5 billion of residential real estate developments across the West Midlands and throughout the UK. Over the last 12 months, UK rents have been increasing on average at 7.5%, with Birmingham up by 9.4%, higher than the UK average (excluding London)*.[/vc_column_text][vc_row_inner content_placement=”middle”][vc_column_inner width=”1/2″][vc_column_text]
Alex Neale, Managing Director at Court Collaboration, said: “Having now exchanged on this exciting scheme we look forward to bringing our plans forward for local engagement prior to submitting a planning application. The site is in a prime location for BTR and our high-quality development will complement the neighbouring City Centre Gardens, Paradise re-development and Centenary Square. Watch this space for more in the coming weeks and months. As a business we are thrilled to start our JV with the second biggest real estate fund in the world, and just as the Commonwealth Games are set to begin in our beloved city. We hope this deal is the start of many.” [/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”219274″ img_size=”full”][/vc_column_inner][/vc_row_inner][vc_column_text]The announcement comes just days before the beginning of the Birmingham 2022 Commonwealth Games, with excitement growing in a city set to show the world once again just how much it has to offer.
As well as delivering stunning high-quality properties, Court Collaboration is committed towards creating transformational developments which support local communities and economies. From initial search and acquisition, to planning procurement, construction project management and international sales delivery, Court Collaboration manages each and all of the key aspects of the development journey for its clients. The company currently has 7 active developments across the region with circa 4,500 residential units on site or at planning stages, with more to follow.
Leader of Birmingham City Council, Ian Ward, comments: “This is another huge vote of confidence in Birmingham and I’m delighted that PGIM Real Estate are joining forces with Court to deliver this exciting development. It’s testament to our confidence and ambition as a city that a nearly $2Trillion fund has joined forces with one of our own home-grown SME developer companies. This is a golden decade of opportunity for Birmingham and the timing of the news of this fantastic partnership, as we countdown the final few days to the Commonwealth Games, could not be better. We’re attracting the investors and partners to deliver homes, jobs and opportunities for people across this city.”
*Source: PGIM Real Estate as of March 2022
For more information on the development, click here.
To find out more about PGIM Real Estate click here.
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