DLA Piper advises Harrison Street on GBP750 million joint venture to develop BTR accommodation

DLA Piper advised Harrison Street on its joint venture with Cortland to build a European residential platform targeting a GBP750m build to rent (BTR) pipeline in UK and Ireland. The first development is a 367 unit build-to-rent BTR property in Watford, UK. The deal has the backing from Homes England and AIG Asset Management.

The initial phase of the project, which will be known as Cortland Cassiobury, is scheduled to be completed by July 2021 with the remainder of the units to be delivered by March 2023. It will be the first development in this newly formed joint venture which has already secured an attractive pipeline of BTR projects across the UK and Ireland.

Comprised of five separate buildings ranging from four to twenty-four stories, Cortland Cassiobury will offer one, two and three-bedroom units as well as best-in-class amenities. In addition to the 367 open market residential units, there will be 119 affordable housing units which have been pre-sold to a registered housing provider and will also offer 5,150 square feet of retail space, 314 parking spaces and 50 storage units.

The team at DLA Piper was led by Real Estate partner Paul Jayson and supported by partner Andrew Wylie, senior associate Sam Whittaker and associate Chris Barker.Partner Paul Jayson, commented: “We are delighted to have worked with our long standing client Harrison Street on its latest European joint venture. The BTR market has been resilient in the face of challenges in the real estate market, and we expect continued institutional and PE interest in this space”.