Mitsubishi Estate, advised by Europa Capital, the pan-European real estate investment manager, has agreed a funding package with Menta to bring forward a £250 million regeneration project adjacent to East Croydon station. The development includes two 25 storey residential buildings designed by MAKE comprising 338 residential apartments and 20,000 sq ft of commercial space. The development will deliver 118 affordable homes to Clarion Housing with all buildings being delivered by Sir Robert Mc Alpine as main contractor. Construction on site is expected to start immediately with occupation anticipated in 2023.
Europa Capital has researched 20 key European cities to identify which sectors and locations are expected to see the most growth and London affordable residential is positioned very near the top of this analysis. In general, the UK has an undersupply of affordable accommodation. The investment is on behalf of a separate account, which Europa Capital manages on behalf of Mitsubishi Estate London, a UK subsidiary of Europa Capital’s principal shareholder, Mitsubishi Estate.
Since 2012, Europa Capital has acquired over 9,670 student and PRS beds across Europe with a total investment volume of €1.2 billion.
Source : Joint release