BNP Paribas Real Estate (BNPPRE) has acted for Marrico and Helios on the £300m joint venture of its Lisbon Street BTR scheme in Leeds, which has been acquired by US multifamily investor and operator Cortland Group.
Through the new funding deal, the US multifamily specialist will own and operate the apartments. The joint venture between Marrico and Helios will deliver the £138m residential element of the Lisbon Street development, which comprises 629 apartments. It also includes 14,000 sq ft of amenity and commercial space.
Simon Williams, head of national markets at BNP Paribas Real Estate, said: “This landmark funding deal demonstrates that prime BTR led assets in regional locations are firmly on the international investment radar and we anticipate more activity in the coming months.
“We are very proud to have been part of a first class team with Lisbon Street setting new benchmarks in terms of offer in a super prime city centre location.
“Our Residential Capital Markets team is currently advising on the forward funding of over £800m (Gross Development Value) of BTR projects making us one of the most active in the market.”
Richard Bland, partner at Marrico Asset Management, said: “We are delighted to have signed this deal with Cortland for our flagship scheme in Leeds. This will be one of the city’s landmark buildings and we believe will set new standards in BTR accommodation in the city.”
Trevor Cartner, director at Helios Real Estate, added: “Leeds is one of the biggest markets for BTR outside of London and we are developing a best in class building for Cortland.”
The Lisbon Street site, acquired from Leeds City Council by Marrico and Helios last year, also incorporates 500 purpose built student accommodation units and a further two phases for hotels and offices. Marrico and Helios will now focus on unlocking the next stages of development at the site.
Construction of the two buildings – one 33 floors and the other 22 – will start this summer and complete in mid-2024.
BNP Paribas Real Estate acted for Marrico and Helios.
