Similar deal with Argent inks Brent Cross £200m build-to-let homes

Property developer Related Argent has formed a joint venture to build its third rental housing development at London’s Brent Cross Town.

The joint venture with NTT UD Europe Limited, a subsidiary of Japanese telecommunications company NTT Group, will deliver over £200m of gross development value (GDV) and marks NTT UD’s largest UK residential investment to date at present.

The project includes 226 new build homes to rent, which will form part of the £8 billion mixed-use park city. This will be the third BtR development at Brent Cross Town, bringing the total rental portfolio to around 760 homes to date.

Brent Cross Town is creating 6,700 new homes, student and long-term homes, alongside workspace for 25,000 workers, a high street, schools and 50 acres of parks and playgrounds as part of a city with zero carbon park.

Tom Goodall, chief executive of Related Argent, said: “We are delighted to be working with NTT Group, one of the world’s leading telecommunications companies, to deliver our third major BtR development at Brent Cross Town.

“The JV demonstrates our commitment and ability to partner with leading global capital that shares our social value and sustainability goals.”

“The delivery of these new rental homes demonstrates the significant momentum at Brent Cross Town, where seven sites are now under construction, London’s first new train station in over a decade is open and the first residents are set to move in this summer. It is truly becoming a thriving net zero park city for London.”

Tadashi Ito, managing director of NTT UD Europe Limited, added: “We believe our investment in the Brent Cross Town development will not only have a positive impact on the local area, but will also strengthen the BtR market in London, demonstrating our confidence in the market From Great Britain.

“Working with a partner like Related Argent, who has extensive experience both domestically and internationally, is a significant step for us and we look forward to this joint venture partnership with them.”